By Sarah Townsend
Investment firm says it has made $1.5bn of acquisitions in US real estate in past year
Bahrain-based Investcorp has acquired an office building in Washington, DC, for $180 million, the company said on Tuesday.
The property at 733 10th Street is a 170,813 sq ft, 100 percent-occupied, luxury office building in the centre of Washington, Investcorp added.
It is located close to high-end retail stores, hotels and restaurants, two major metro stations and several sports and entertainment venues.
The company purchased the property with its joint venture partner, ScanlanKemperBard.
It said the acquisition “is consistent with Investcorp’s ongoing strategy of acquiring top quality, cash-flowing properties in the US”. Investcorp has made over $1.5 billion of acquisitions in US real estate over the last 12 months.
Mohammed Al Shroogi, joint CEO at Investcorp, said: “The 733 10th Street property is a stable, prime asset offering and what we believe to be resilient long-term value.
“We continue to seek additional core-quality, stable properties like 733 10th Street in a handful of major gateway markets to supplement our on-going investment activity in strategically-located properties throughout the U.S.”
Since 1996, Investcorp has completed over 400 property investments totaling more than $13 billion in value.