California State Teachers’ Retirement System (CalSTRS) and Beacon Capital Partners have acquired two offices in Seattle for $434.8m (€383m).
The pension fund confirmed to IPE Real Assets that it had acquired the Met Park East and Met Park West bulidings from CBRE Global Investors through its BCal joint venture with Beacon.
The 371,428sqft Met Park East and the 337,680sqft Met Park West were acquired for $230.4m and $204.4m, respectively.
CBRE Global Investors bought the buildings in 2015.
CalSTRS owns 95% of the BCal joint venture, which by the middle of 2017 was worth $423m. Beacon, which declined a request for comment, owns the remaining 5%.
The strategy of the joint venture is to acquire core and core-plus offices in the US, targeting a net internal rate of return of 7%.
Beacon is still in the market for its Beacon Strategic Partners VIII fund, for which it is seeking to raise between $1.25bn and $1.75bn.
A previous version of this article wrongly stated that the BCal joint venture invests in value-add offices as well as core offices