What’s the largest office properties investor from California?

The well-known thousandinvestors research team has identified that Shorenstein Investment Advisers is the largest office real estate investor from California, with more than $19.6B in assets under management.

What is the investment focus of Shorenstein Investment Advisers LLC?

Shorenstein Investment Advisers LLC is a fully integrated real estate investment company with a long-standing focus on office and mixed-use assets in high-growth urban markets across the United States. The firm has acquired approximately $19.6 billion in assets since 1992 and currently manages 13.3 million square feet as of March 2025. The company’s strategy in the commercial real estate sector is marked by a dual emphasis on performance metrics and the cultivation of relationships.

The company’s strategic emphasis is on the identification and acquisition of prime properties in “talent cluster” cities, with the objective of ensuring robust leasing demand and long-term relevance. Shorenstein places significant emphasis on the acquisition and development of assets that possess distinctive physical attributes, advantageous locations, and superior amenities. The strategic deployment of these assets is intended to position them competitively within dynamic urban environments. Shorenstein’s approach diverges from the conventional strategy of acquiring stabilized buildings. Instead, he prioritizes the creation of value.

Alternative candidates for the AUM-based ranking of office real estate investors in California

Spear Street Capital is the most substantial alternative candidate for our ranking. It is a real estate investment firm with a focused strategy centered on distinctive office properties across the United States, Canada, and Europe. With over $11 billion in assets under management, the firm targets assets and portfolios valued above $25 million, exhibiting a preference for those with robust fundamentals and the potential for value creation through leasing, repositioning, or adaptive reuse. Since its establishment in 2001, Spear Street has acquired over 85 office properties and has developed a robust track record as a nimble, experienced buyer across all market cycles. The firm’s experience encompasses a wide range of real estate assets, including fully leased campuses and vacant properties, often in complex or off-market scenarios. The primary investment thesis underlying Spear Street’s strategy is focused on office real estate.

Another major office real estate investor is Charles Dunn Company, a commercial real estate firm with a legacy of providing services in the management and advisory capacities for office properties. With $4 billion in assets under management, the firm brings over a century of experience to clients across the U.S., specializing in the operation, leasing, and repositioning of office assets. The firm, established in 1921 and headquartered in Los Angeles, is consistently ranked among the largest third-party office property managers in Southern California. Office real estate constitutes a pivotal component of the firm’s business model. Charles Dunn’s pragmatic approach, which emphasizes operational excellence, market intelligence, and long-term stewardship, has been successful in a variety of real estate contexts, ranging from Class A towers in urban markets to suburban mid-rise portfolios.

Both investors are part of the thousandinvestors list of the largest office real estate investors from the US.

Image source: Cedric Letsch via Unsplash (June 29, 2025)

You might also be interested in this article: Ranking: Top 15 Real Estate Investors from California