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Divco West Real Estate Services

SEC-registered adviser since 2012San Francisco, CACRD 156762

$16.3B
AUM
31
Clients
See fees
Fee
67
Advisory staff

From Form ADV filed 31 March 2026 · data retrieved 15 October 2026SEC record

Divco West Real Estate Services is an investment adviser headquartered in San Francisco, California, and registered with the SEC since 2012. Its clients include pooled investment vehicles and state or municipal government entities.

Its services include portfolio management for pooled vehicles. Fee arrangements include a percentage of assets under management and performance-based fees. Divcore Monterey Management Holdings, LLC owns 75% or more of Divco West Real Estate Services, and Stuart Shiff is its CEO.

Clients

Divco West Real Estate Services serves 31 clients. The average client has about $526 million with the firm.

Regulatory assets by client type
  • Pooled investment vehicles31 clients93%
  • State or municipal government entities7%
Show client breakdown
Pooled investment vehicles
Clients
31
Regulatory AUM
$15,152,577,425
Share
93.0%
Avg. per client
$488.8M
State or municipal government entities
Clients
Not reported
Regulatory AUM
$1,147,530,000
Share
7.0%
Avg. per client
—

Total

Clients
31
Regulatory AUM
$16,300,107,425
Share
100%
Avg. per client
$525.8M

What it does

Divco West Real Estate Services provides portfolio management for pooled vehicles. It is paid through a percentage of assets and performance-based fees.

Divco West Real Estate Services advises 31 private funds.

43.7% of assets ($7.12B across 9 accounts) are managed with discretion; $9.18B across 26 accounts are not. 3% of clients are outside the U.S., and 2 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end
  • Cash8%
  • Other92%
    • Real estate investment - office and mixed-use (office, residential, retail) buildings, receivables, other assets, unfunded commitments92%

Custodians

Divco West Real Estate Services has custody of client assets.

Managed account assets by custodian
  • All other custodians$16.30B100%

Ownership and leadership

Divcore Monterey Management Holdings, LLC owns 75% or more of Divco West Real Estate Services, and Stuart Shiff is its CEO.

Who owns the firm
Divco West Real Estate Services, LLC· the adviser

  • Divcore Monterey Management Holdings, LLC

    Control person · since January 2009

    Owns 75% or more of Divco West Real Estate Services, LLC

  • Stuart Shiff

    Control person · since December 2008

    Owns 50% to 75% of Divco West Real Estate Services, LLC

  • Shiff Family Legacy, LLC

    Control person · since January 2021

    Owns 25% to 50% of Divco West Real Estate Services, LLC

Leadership

  • Stuart Shiff
    Chief Executive Officer
  • Michael Carp
    President, Chief Operating Officer
  • Robert Mashaal
    Vice President
  • Marc Sternberg
    Chief Compliance Officer
  • Lisa Guerrero
    Treasurer
  • Megan Sherman
    Secretary

Staff

  • 215 employees
  • 67 in advisory functions

Reported holdings

Divco West Real Estate Services’ reported 13F holdings total $94.0M across 4 positions, and the ten largest make up 100.0% of it.

$94.0M
Reported 13F value
4
Positions
100.0%
In the 10 largest
+30.8%
Value vs. prior quarter
Ten largest positions, share of reported value
  1. Bxp Inc.48.0%
  2. Kilroy Rlty Corp.40.7%
  3. Brandywine Rlty TR · SH Ben Int New8.2%
  4. Hudson Pacific Properties IN3.1%

Together, the ten largest are 100.0% of reported value.

The 4 largest positions and quarterly changesQuarter ended 30 June 2026 · filed 5 August 2026

A 13F covers only exchange-traded long positions the firm holds with discretion, so this $94.0M is not its $16.30B in regulatory assets and does not represent any individual client's portfolio.

Fees

Divco West Real Estate Services is paid through a percentage of assets under management and performance-based fees.

Divco West Real Estate Services’ fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, Divco West Real Estate Services has 7 offices, with 8 listed addresses across 5 states.

Listed office addresses by state

California · 4 listed addresses

  • 301 Howard Street, Suite 2100, San FranciscoHQ
  • 250 S Beverly DR, Beverly Hills
  • 2440 Sand Hill Road, Menlo Park
  • 18300 Von Karman Avenue, Irvine

Registration details

Legal name
Divco West Real Estate Services, LLC
Headquarters
301 Howard Street, Suite 2100, San Francisco, CA 94105
Phone
415-284-5700
Website
www.divcowest.com
SEC file
801-74082
Structure
Delaware LLC
Fiscal year end
December

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does Divco West Real Estate Services have?

Divco West Real Estate Services has 31 clients and manages $16.3 billion for them, as of March 2026.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 31 March 2026

What services does Divco West Real Estate Services offer?

Divco West Real Estate Services provides portfolio management for pooled vehicles.

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

How many financial advisors does Divco West Real Estate Services have?

Divco West Real Estate Services has 0 investment adviser representatives registered with state securities authorities, out of 215 employees, and 67 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.

Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file

What does Divco West Real Estate Services invest in?

At the end of its last fiscal year, Divco West Real Estate Services’ separately managed accounts held 92% real estate investment - office and mixed-use (office, residential, retail) buildings, receivables, other assets, unfunded commitments and 8% cash and equivalents. It advises 31 private funds.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns Divco West Real Estate Services?

Divco West Real Estate Services is owned through a chain of holding companies by Shiff Investment Co., LLC and Robert Mashaal. Its direct owners are Divcore Monterey Management Holdings, LLC (75% or more), Stuart Shiff (50% to 75%) and Shiff Family Legacy, LLC (25% to 50%).

Source: Form ADV Part 1A, Schedules A and B, filed 31 March 2026

How does Divco West Real Estate Services get paid?

Divco West Real Estate Services is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.

Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file

Sources

  1. Form ADV Part 1A, amendment filed 31 March 2026. Items 1, 5, 9, 11 and Schedules A, B and D.
  2. IAPD firm record, CRD 156762.
  3. Form 13F-HR, filed 5 August 2026 for the quarter ended 30 June 2026.

Retrieved 15 October 2026. All are published by the SEC and may have been amended since.

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This profile is compiled from public regulatory filings and is provided for informational purposes only. Niva Wealth is not affiliated with Divco West Real Estate Services, LLC and makes no representation about the quality of its services. Figures reflect the filing dates shown and may have changed. Ownership percentages are the bands reported to the SEC, not exact figures.