Deutsche Bank's RREEF investment arm has made a foray into the US property market with the purchase of a fully-leased office building in downtown Palo Alto, California from Embarcadero Capital Partners. The transaction price amounted to $65 mln (EUR 45 mln)

The four-storey, 6,700-m2 building was purchased by RREEF on behalf of an institutional client. Embarcadero Capital Partners invested around $1.6 mln in revamping the asset since acquiring it in 2005.

JLL advised the seller.