CalPERS JV purchases Northern California office property
San Francisco–based real estate investment company Rubicon Point Partners, in a joint venture with Canyon Partners Real Estate, has acquired the San Mateo BayCenter, an office property in a suburb of San Francisco, from Boston-based Rockpoint Groupfor $154.4 million.
The purchase is the partnership’s sixth acquisition through the Canyon Catalyst Fund, the $285 billion California Public Employees’ Retirement System’s real estate emerging manager program, which is managed by Canyon Partners Real Estate. In June 2013, the Canyon Catalyst Fund partnered with Rubicon Point Partners in a joint venture to acquire a two-story office building in Mountain View, Calif.
Rockpoint paid $128.5 million for the 303,257-square-foot office campus in San Mateo, Calif., in September 2014.
According to Avison Young&rsq