New York State Common Retirement Fund (NYSCRF) has invested $62.7m (€60.2m) to buy the Menlo Park office building in California from Nuveen.
IPE Real Assets understands that the US public pension fund acquired the 43,082sqft building located at 200 Middlefield Road in Menlo Park through EPNY Ventures, a $200m separate account relationship NYSCRF created in 2019 with San Francisco-based Ellis Partners.
Nuveen paid $50.25m when it acquired the Menlo Park office building in 2014. The asset, previously known as the Mills Building, was first developed in 1967.
EPNY Ventures, which targets returns of 8% to 10% gross internal rate of returns, acquires core assets in the greater San Francisco Bay Area.
Last September, the venture acquired 153 Townsend Street, a 179,000sqft office in downtown San Francisco, for $231m.
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