Bahrain-based asset manager Investcorp invested $156 million investment in two New York city office buildings to expand their real estate portfolio, it announced Wednesday.
Investcorp’s US-based real estate arm said their investment in New York City’s garment district is part of a more than $2 billion investment on the US real estate market in the last 18 months.
"We are excited to announce our investment in the Manhattan market, as expanding our real estate portfolio in the US is a key component of our firm’s overall growth strategy,” said Mohammed Alardhi, executive chairman of Investcorp.
The office buildings are located in 229 West 36th Street and 256 West 38th Street, to access to the city’s primary transportation hubs and Manhattan’s newly developed West Side.
The properties spanning a total of 267,000 sq tt are fully leased to a roster of over 20 long-term tenants.
"These centrally located properties are well-positioned to benefit over the long term from the development activity around Hudson Yards, Manhattan West, Penn Station, and Moynihan Station while providing stable, in-place cash flows to our investors,” said Mohammed Al-Shroogi, co-CEO at Investcorp.
As part of the transaction, Investcorp entered into a joint venture with New York-based owner-operator Brickman, that Investcorp hope will unlock the value of the buildings, Shroogi added.
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