Beacon Capital Partners has closed its fifth fund, Beacon Capital Strategic Partners V, on $4 billion (€2.8 billion).
The closed-ended, value-added fund will target office properties in the US including New York, Boston, Washington, Los Angeles, San Francisco, Seattle and Chicago as well as the European markets of London and Paris. These cities represent urban markets with constraints on new office supply, according to the firm.
The portfolio currently has seven investments totaling 43 buildings and 14.5 million square feet of space, including the AXA Tower in Paris; CityPoint and Mid City Place in London; the Aon Center in Los Angeles; Financial Square in New York; and a portfolio of properties in Seattle and the DC metro area. The investments comprise approximately 74 percent of the total equity in the fund.
The firm, led by Alan Leventhal, was established in 1998 after its predecessor company Beacon Properties Corporation merged with Equity Office Properties Trust in a transaction valued at $4 billion.