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A partnership of San Francisco-based DivcoWest and affiliates of TPG Real Estate (“TPG”) has completed its purchase of the majority of the assets in a Silicon Valley portfolio owned by Mission West Properties, Inc., a publicly-traded REIT based in Cupertino, CA.
The portfolio includes 73 buildings totaling 6.4 million square feet throughout Silicon Valley in Northern California.
“We are very pleased and excited to partner with TPG in becoming the next owner and operator of this remarkable portfolio of properties created by Carl Berg and his organization,” said DivcoWest CEO, Stuart Shiff. Shiff added that his group not only has a long history of assembling and managing a national portfolio of properties for the technology industry, but that DivcoWest’s roots began in San Jose almost two decades ago.
Avi Banyasz, TPG partner, said, “The Mission West portfolio, located in the technology-focused Silicon Valley, is a continuation of our strategy of investing in real estate companies in which TPG has distinct insights. We are looking forward to working with DivcoWest, an experienced and highly successful operator in Silicon Valley, to build a platform together that will maximize the value of these assets.”
The partnership’s financial advisers were Eastdil Secured, Morgan Stanley and Bank of America Merrill Lynch and its legal advisers were Gibson, Dunn & Crutcher and Skadden, Arps, Slate, Meagher & Flom.
About DivcoWest: Founded more than 19 years ago in Northern California, DivcoWest has become one of the nation's leading fully integrated real estate investment and management firms. DivcoWest has acquired more than 30 million square feet of high-level commercial space in locations throughout the US. The company has offices in San Francisco and Boston. www.divcowest.com
About TPG Real Estate: TPG Real Estate is the real estate platform of TPG, a leading global private investment firm founded in 1992 with $54.5 billion of assets under management and offices in San Francisco, Fort Worth, Austin, New York, São Paulo, Hong Kong, London, Paris, Luxembourg, Melbourne, Moscow, Mumbai, Shanghai, Chongqing, Beijing, Singapore and Tokyo. TPG has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. TPG Real Estate has committed approximately $1.5 billion in equity real estate investments over the last two years. The firm’s investments in real estate include Catellus, ST Residential, Taylor Morrison, Parkway Properties and Uni-Invest. Further information is available at www.tpg.com.