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Norges Bank Investment Management, the world’s largest sovereign wealth fund, has expanded its North American holdings. NBIM acquired the majority stake in a two-building, 133,449-square-foot office campus in Menlo Park, Calif., on the most expensive street for office space in the U.S. The fund paid $217 million, or $1,632 per square foot, for its 97.7 percent ownership interest in 2882-2884 Sand Hill Road, valuing the property at $222 million.

NBIM bought the Silicon Valley asset in partnership with DivcoWest, from Clarion Partners and Invesco Real Estate. According to the sovereign fund, the property is unencumbered by debt and there was no financing involved in the transaction. A subsidiary of DivcoWest, which acquired the remaining 2.3 percent interest in the office campus, will perform the asset management for the property on behalf of the NBIM-DivcoWest joint venture. DivcoWest also owns three office campuses on Sand Hill Road known as The Sand Hill Collection, totaling 570,000 square feet among 22 buildings.