DivcoWest, a DivCore Capital company, announced the acquisition of 1991 Broadway, a three-story, 66,000 square-foot (s.f.) boutique office building in the heart of downtown Redwood City, CA. The property was purchased from an owner-user in an off-market transaction.

Simultaneous with closing, DivcoWest executed a 45,000 s.f. long-term lease with Paul Hastings, a global law firm that will serve as the anchor tenant for the building. As a result of the Paul Hastings lease, the building will be 82% leased to three tenants at closing.

“Office tenants are back and letting us know that they are looking for future-forward workspaces for their employees and are willing to make long-term lease commitments. This is giving us renewed confidence in leasing up vacancy,” said Gregg Walker, President of DivcoWest Real Estate Asset Management (DREAM). “1991 Broadway is uniquely positioned within a downtown market where leasing momentum has strengthened significantly year-to-date, as dynamic companies take advantage of the opportunity to scale in a transit-friendly submarket complete with high-quality housing options and a wide range of amenities.”

1991 Broadway is situated at the east end of downtown Redwood City’s pedestrian-friendly retail corridor and is a short walk from the Caltrain station. The building also has immediate vehicle access to Highway 101 and is served by city, county, and regional transit.

Ham Southworth, Ken Rapp, and Morgan Griffith of CBRE represented Paul Hastings in lease negotiations. Ben Paul of Cushman represented DivcoWest.

In addition to leasing expertise, this transaction speaks to DivcoWest’s depth of market relationships. It is the firm’s second off-market property purchase in the last three months. In September, DivcoWest acquired a 137-apartment community in San Francisco through an existing relationship with a local developer.

About DivcoWest

Founded in 1993 by Stuart Shiff, DivcoWest, a DivCore Capital Company, is a vertically integrated, real estate investment firm headquartered in San Francisco, with offices in Cambridge, Los Angeles, Menlo Park, Washington DC, Austin, and New York City. Known for long-standing relationships and experience across the risk-spectrum in innovation markets, DivcoWest combines entrepreneurial spirit with an institutional approach to commercial real estate. DivcoWest aims to create environments that inspire ingenuity, promote growth, and enhance health and well-being. Since inception, DivcoWest and its predecessor have acquired approximately 61 million square feet of commercial space - primarily throughout the United States. DivcoWest’s real estate portfolio currently includes existing and development properties in the office, R&D, lab, industrial, retail, and multifamily spaces. www.divcowest.com Follow @DivcoWest on LinkedIn.

About DivCore Capital

Through two real estate platforms, DivcoWest, a private equity firm headquartered in San Francisco, CA, and LoanCore Capital, a lender headquartered in Greenwich, CT, DivCore Capital manages approximately $31 billion in total assets on behalf of institutional investors. DivCore Capital has a presence in target innovation and growth markets across the U.S.

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