Ivanhoe Cambridge, in partnership with affiliates of TPG and DivcoWest, acquired 73 office buildings in California’s Silicon Valley in a transaction valued at more than $400 million. The deal closed in late December.
The buildings contain 6.4 million sq. ft. of GLA and were previously part of a portfolio owned by Mission West Properties Inc.
“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 Ivanhoe Cambridge President of Global Investments Bill Tresham in a statement. “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.”
In January of this year, Ivanhoe Cambridge and TPG partnered on an acquisition of Woolgate Exchange, a class-A office building in London.