{"url":"https://nivawealth.com/firms/divco-west-real-estate-services-156762","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/156762","regulatoryAum":16300107425,"crd":"156762","secFileNumber":"801-74082","legalName":"Divco West Real Estate Services, LLC","displayName":"Divco West Real Estate Services","website":"http://www.divcowest.com","linkedinUrl":"https://www.linkedin.com/company/divcowest/","founded":null,"organization":"Delaware limited liability company","fiscalYearEnd":"December","headquarters":{"street":"301 Howard Street, Suite 2100","city":"San Francisco","state":"CA","stateName":"California","country":"United States","postalCode":"94105"},"tradeNames":[],"registration":{"secApproved":"23 March 2012","noticeFilings":null,"latestNoticeFiling":null},"staff":{"employees":215,"advisory":67,"brokerDealerReps":0,"insuranceAgents":0,"promoters":0},"aum":{"discretionary":7119386000,"discretionaryAccounts":9,"nonDiscretionary":9180721425,"nonDiscretionaryAccounts":26,"wrapProgram":null,"nonUsClientsPct":3,"nonAumClients":2},"clientTypes":[{"label":"Pooled investment vehicles","clients":31,"regulatoryAum":15152577425},{"label":"State or municipal government entities","clients":null,"regulatoryAum":1147530000}],"fees":[],"feeNotes":[],"feePrograms":[],"brochureCoverage":{"scope":"known_documents","status":"not_processed","checkedAt":null,"documents":[]},"custodians":[],"custodyNote":"Divco West Real Estate Services has custody of client assets.","otherCustodians":[],"leadership":[{"name":"Stuart Shiff","title":"Chief Executive Officer","crd":"5905466"},{"name":"Michael Carp","title":"President, Chief Operating Officer","crd":"702463"},{"name":"Robert Mashaal","title":"Vice President","crd":"1623564"},{"name":"Marc Sternberg","title":"Chief Compliance Officer","crd":"5626668"},{"name":"Lisa Guerrero","title":"Treasurer","crd":"5177313"},{"name":"Megan Sherman","title":"Secretary","crd":"6808609"}],"ownership":[{"label":"Divcore Monterey Management Holdings, LLC","detail":"Member in the 75% or more ownership band and a control person, since January 2009."},{"label":"Stuart Shiff","detail":"Indirect owner: a member of Shiff Investment Company, LLC in the 50% to 75% band and a control person, since December 2008.","parent":"Shiff Investment Company, LLC"},{"label":"Mark Finerman","detail":"Indirect owner: trustee of Mark L. Finerman 2006 Revocable Trust and a control person, since November 2006.","parent":"Mark L. Finerman 2006 Revocable Trust"},{"label":"Shiff Investment Co., LLC","detail":"Indirect owner: a member of Divcore Capital, LLC in the 25% to 50% band and a control person, since June 2022.","parent":"Divcore Capital, LLC"},{"label":"Grooper LLC","detail":"Indirect owner: a member of MF Management Holdings LLC in the 50% to 75% band and a control person, since June 2022.","parent":"MF Management Holdings LLC"},{"label":"Robert Mashaal","detail":"Indirect owner: a member of Ravensmount Limited Partnership in the 75% or more band and a control person, since June 2022. Also a member of Ravensmount General Partner, LLC in the 75% or more band and a control person, since June 2022.","parent":"Ravensmount Limited Partnership"},{"label":"Shiff Family Legacy, LLC","detail":"Indirect owner: a member of Shiff Investment Company, LLC in the 25% to 50% band and a control person, since January 2021.","parent":"Shiff Investment Company, LLC"},{"label":"Shiff Family 2020 Dynasty Trust","detail":"Indirect owner: a member of Shiff Family Legacy, LLC in the 75% or more band and a control person, since December 2020.","parent":"Shiff Family Legacy, LLC"},{"label":"Divcore Capital, LLC","detail":"Indirect owner: a member of Divcore Monterey Management Holdings, LLC in the 75% or more band and a control person, since June 2022.","parent":"Divcore Monterey Management Holdings, LLC"},{"label":"Ravensmount Limited Partnership","detail":"Indirect owner: a member of Divcore Capital, LLC in the 25% to 50% band and a control person, since June 2022.","parent":"Divcore Capital, LLC"},{"label":"MF Management Holdings LLC","detail":"Indirect owner: a member of Divcore Capital, LLC in the 25% to 50% band and a control person, since June 2022.","parent":"Divcore Capital, LLC"},{"label":"Ravensmount General Partner, LLC","detail":"Indirect owner: general partner of Ravensmount Limited Partnership and a control person, since June 2022.","parent":"Ravensmount Limited Partnership"},{"label":"First Republic Trust Company of Delaware, LLC","detail":"Indirect owner: trustee of Shiff Family 2020 Dynasty Trust and a control person, since December 2020.","parent":"Shiff Family 2020 Dynasty Trust"},{"label":"Mark L. Finerman 2006 Revocable Trust","detail":"Indirect owner: a member of Grooper LLC in the 75% or more band and a control person, since April 2024.","parent":"Grooper LLC"}],"branchOffices":null,"filedOffices":{"otherThanPrincipal":7,"privateResidences":0},"listedOfficeAddresses":8,"officesByState":[{"state":"California","offices":4,"addresses":[{"street":"301 Howard Street, Suite 2100","city":"San Francisco","headquarters":true},{"street":"250 S Beverly DR","city":"Beverly Hills"},{"street":"2440 Sand Hill Road","city":"Menlo Park"},{"street":"18300 Von Karman Avenue","city":"Irvine"}]},{"state":"District of Columbia","offices":1,"addresses":[{"street":"1255 23rd ST","city":"Washington"}]},{"state":"Massachusetts","offices":1,"addresses":[{"street":"181 Morgan Avenue","city":"Cambridge"}]},{"state":"New York","offices":1,"addresses":[{"street":"540 Madison Avenue","city":"New York"}]},{"state":"Texas","offices":1,"addresses":[{"street":"2043 S Lamar BLVD","city":"Austin"}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"415-284-5700","stateRegisteredReps":0,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Performance-based fees"],"activities":["Portfolio management for pooled investment vehicles (other than investment companies)"],"financialPlanningClients":null,"assetMix":[{"label":"Cash and cash equivalents","percent":8},{"label":"Other","percent":92,"detail":"Real Estate Investment - Office and Mixed-Use (office, Residential, Retail) Buildings, Receivables, Other Assets, Unfunded Commitments"}],"privateFunds":31},"sources":{"adv1FilingDate":"31 March 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/156762/PDF/156762.pdf","brochureDate":null,"brochureUrl":null,"iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does Divco West Real Estate Services have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does Divco West Real Estate Services offer?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How many financial advisors does Divco West Real Estate Services have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does Divco West Real Estate Services invest in?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Who owns Divco West Real Estate Services?","answer":"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","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does Divco West Real Estate Services get paid?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}}],"holdings":{"url":"https://nivawealth.com/firms/divco-west-real-estate-services-156762/holdings","form":"13F-HR","periodOfReport":"2026-06-30","filedOn":"2026-08-05","filingIndexUrl":"https://www.sec.gov/Archives/edgar/data/1561877/000156187726000003/0001561877-26-000003-index.html","totalValue":94041474,"positionCount":4,"top10Share":1,"top10":[{"issuer":"BXP INC","titleOfClass":"COM","cusip":"101121101","value":45126607,"shares":680540,"shareType":"SH","priorValue":35320026,"priorShares":680540},{"issuer":"KILROY RLTY CORP","titleOfClass":"COM","cusip":"49427F108","value":38256533,"shares":1020991,"shareType":"SH","priorValue":28802156,"priorShares":1020991},{"issuer":"BRANDYWINE RLTY TR","titleOfClass":"SH BEN INT NEW","cusip":"105368203","value":7752533,"shares":2445594,"shareType":"SH","priorValue":6627560,"priorShares":2445594},{"issuer":"HUDSON PACIFIC PROPERTIES IN","titleOfClass":"COM","cusip":"444097406","value":2905801,"shares":191297,"shareType":"SH","priorValue":1130565,"priorShares":191297}],"positionsListed":4,"positions":[{"issuer":"BXP INC","titleOfClass":"COM","cusip":"101121101","value":45126607,"shares":680540,"shareType":"SH","priorValue":35320026,"priorShares":680540},{"issuer":"KILROY RLTY CORP","titleOfClass":"COM","cusip":"49427F108","value":38256533,"shares":1020991,"shareType":"SH","priorValue":28802156,"priorShares":1020991},{"issuer":"BRANDYWINE RLTY TR","titleOfClass":"SH BEN INT NEW","cusip":"105368203","value":7752533,"shares":2445594,"shareType":"SH","priorValue":6627560,"priorShares":2445594},{"issuer":"HUDSON PACIFIC PROPERTIES IN","titleOfClass":"COM","cusip":"444097406","value":2905801,"shares":191297,"shareType":"SH","priorValue":1130565,"priorShares":191297}]},"notice":"Compiled from public SEC Form ADV filings on the dates in `sources`. Facts as filed; not a rating, ranking, or recommendation. Niva Wealth is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}