Rubicon Point Partners announced the final close of its inaugural commingled fund, Rubicon First Ascent LP, with a total of $232 million of assets. In addition, the fund has the ability to acquire up to $770 million of property investment.

“With the office asset class finding itself at an inflection point, Rubicon sees an opportunity for the type of creative investment management expertise at which we excel: creating a competitive advantage in reimagining the office for a broad spectrum of clients,” said Ani Vartanian, Rubicon’s co-managing partner.

Rubicon First Ascent attracted a diverse universe of institutional investors including university endowments, foundations, family offices and pension funds. The fund targets value-add creative office space in urban locations throughout the Bay Area and Pacific Northwest. To date, the fund has allocated 35 percent of its capital to new investments including two projects in the Bay Area and one in the Puget Sound submarket. “We are again poised to aggressively move forward on acquisitions with real estate owners, developers and lenders to capitalize on the current environment and create strong returns for investors,” said Razmig Boladian, Rubicon co-managing partner.