Beacon Capital Partners has held its final close for Beacon Capital Strategic Partners 8, (BCSP 8). The commingled value-add office investment fund has equity commitments totaling $1.58 billion, plus an additional $220 million of initial investor-approved co-investment equity.
The capital raised for BCSP 8 surpassed the $1.25 billion target for the fund, with commitments coming from a combination of repeat and new investors, including major U.S. pensions, foreign pensions, sovereign wealth funds, financial institutions, endowments and foundations.
The fund already has acquired its first four assets in Chicago; Glendale, Calif.; San Jose, Calif.; and Washington, D.C., according to Fred Seigel, Beacon Capital Partners’ president and COO.
BCSP 8 seeks to acquire underperforming office assets in major U.S. markets and transform them through capital improvements and leasing. Beacon seeks to attract and retain tenants by enhancing their experience through distinctiv
