Investcorp also acquired an office building in Washington DC for approximately $180 million in February this year
Bahrain-based alternative investment firm Investcorp said on Sunday that its United States-based real estate arm had purchased an office building in Seattle, Washington, for around $223.5 million.
It said the 41-storey, Class A office building, known as 901 Fifth Avenue, was part of the company's initiative to acquire "top-quality, well occupied, cash flowing properties in gateway markets in the US".
Investcorp purchased the property with its joint venture partner, Schnitzer West, a real estate investment, development, and management firm with a current portfolio of 5.3 million square feet in the Seattle metropolitan area.
Investcorp said 901 Fifth Avenue is a multi-tenanted office building located in Seattle’s central business district, which is 90% occupied by a diverse roster of 46 tenants, involved in a broad spectrum of businesses, including technology, legal services and professional services.
The investment is the second acquisition under its strategy of acquiring “top-quality, well occupied, cash flowing properties”. In February, Investcorp acquired 733 Tenth Street, a Class A office building in Washington DC, for approximately $180 million.
“We believe 901 Fifth Avenue offers a stable, long-term investment in one of the most dynamic gateway markets in the western United States,”Babak Sultani, Real Estate Specialist at Investcorp, said.
“In the past year, we have exceeded $400 million in gross asset values with this strategy and this acquisition further exemplifies our strategy of identifying alternative investment opportunities that we believe can deliver superior returns for Investcorp. What we liked about this property is that it is easily accessible via the region’s primary freeways and public transportation options, and is within walking distance to high-end restaurants, retail outlets, hotels, cultural attractions and Seattle’s court houses, which we believe fuels significant demand for office space from legal, professional services and technology firms.”