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.