SAN FRANCISCO—Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that U.S.-Canadian concern Ivanhoe Cambridge, has spent at least $400 million for the acquisition of 73 Silicon Valley office buildings.
The company worked in partnership with affiliates of TPG and DivcoWest, who jointly led the transaction which closed in late December 2012, they plan to invest in upgrades to meet the growing demand for top tier space in the tech corridor.
"This investment of more than $400 million enables us to acquire a critical mass of assets in a rental market that is seeing one of the best growth rates in the United States," said Ivanho-Cambridge's president, global investments, Bill Tresham in announcing the deal Wednesday. "We look forward to working with our experienced partners, TPG and DivcoWest, to increase the value of the office and R&D properties through additional investments and through strong asset management committed to meeting tenant needs."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
