DivcoWest Reputation?
Anything on Divco’s culture, WLB, pay, deal quality, or operating partners is appreciated.
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I can't offer any insight into their internal workings.
But, they have a very good reputation in the industry. They've been one of the more successful firms in terms of growth trajectory given their size and age. I believe they began in the mid-90s, so while an established player they are still relatively young in the grand scheme of things. We used to discuss them a lot and what they were doing different that made them successful and what we could use / adapt ourselves to look to achieve similar results.
Thanks! What were they doing that made them so successful?
You're stretching my memory as it's been many years since I followed them closely.
One that is top of mind is their thoughtfulness and level of detail with Limited Partners. They did research and put a lot of forward thought into what the LP's stated goals are, what their set business plan is, what they've said publicly, and what was available in their public filings. Then they'd tailor their product and craft their pitch to fill that need.
You'd be surprised how many General Partners first find a deal and then try to get a LP on board when it's clearly not a fit. Sure, sometimes LPs will stretch or make an allocation based on relationships, but more often than not it's easier to just show them how your deal fits into their own stated business plan. I understand this is all very broad, so let me give you an example.
A pension fund may release an updated business plan where their target allocation to real estate (within real assets) is 8%. Within that allocation they want to allocate capital as follows: 4% core, 2% value-add, and 2% opportunistic. As of today, they're allocated 7% to real estate, thus under their target benchmark of 8%. And within that 7% they're allocated 2% to core, 2% value-add, and 3% opportunistic. Under these circumstances, it doesn't make sense to pitch them rescue capital, even if the GP thinks it makes the most sense in this operating environment. If you want to work with this LP, it is in fact better to find a core strategy to fill that core bucket and to request an allocation that is appropriate given their under allocation to real estate and their significant under allocation to core. From there you can work on prospective deals that would fit their target return on that bucket, as they often has those listed as well.
So when you sit down with them, you're already giving them exactly what they've publicly stated they want / need. It's really straight forward, but it takes a lot of leg work to keep up with these LPs and where they sit today to be properly prepared. More often than not GPs have a roster of LPs they talk to and they simply make the rounds when they have deals they want funded, without much thought to what the LP is actually looking for / needs.
So that really stood out to me.
Very respected in East Coast, delivering roughly 1.5 million sf of life science space in Somerville over the next few years and continuing to develop more office and residential at Cambridge Crossing, which they created. Other big players like Greystar have been following their lead.
Some turn over in management/talent (like most companies these days) as the boomers depart and the 30 somethings begin their reign. Cambridge Crossing was huge for Divco but is struggling to find tenants in today's market (both life science & resy).
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