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Rockefeller raises $250m for first US real estate fund

The New York-based real estate investment manager has completed its debut US fundraising, whose primary limited partners included Japanese and European pension plans.

The Rockefeller Group, a New York-based property owner, developer and investment manager, has concluded fundraising for its debut US property fund, Rockefeller Group US Premier Office Fund.  Rockefeller Group Investment Management, the firm’s investment management subsidiary, has raised $250 million in capital, primarily from nine third-party investors that included Japanese and European pension plans. The Rockefeller Group and its senior executives also contributed to the vehicle, with Rockefeller’s $50 million commitment making up the lion’s share of the co-investment capital.

Rockefeller, which is targeting trophy office properties in the gateway markets of Boston, Los Angeles, New York, San Francisco and Washington DC on behalf of the core-plus vehicle, had invested approximately 60 percent of the fund’s capital prior to the final close. To date, the firm has made three investments, including the acquisitions of 50 Beale Street in San Francisco and 1100 First Street and 1101 K Street in Washington DC. Those deals, which total approximately 1.3 million square feet of Class A office space, have an aggregate gross asset value of approximately $700 million. 

“Our investors share our confidence in the stability and value of high-quality, well-located office assets in core US markets,” said Dennis Irvin, president and chief executive of Rockefeller Group Investment Management. “In addition to the fund’s existing portfolio, we see good opportunities today in our target markets to leverage our extensive operating expertise to provide favorable returns and capital appreciation to investors.”  

Prior to this fund, Rockefeller Group Investment Management’s exposure to real estate funds came through The Rockefeller Group’s strategic investment in Europa Capital, in which the firm acquired a majority interest in 2010. That London-based real estate fund manager has raised six closed-ended funds that have invested across 17 countries. The Rockefeller Group itself is a subsidiary of Mitsubishi Estate, a Japanese real estate developer and investor.