Investcorp, the Bahrain-based asset manager, announced that its US-based real estate arm purchased 733 10th Street in Washington, DC for approximately $180 million, or $1,053 per square foot. The sale price of the fully leased, 170,813-square-foot office building came in just $48 per square foot short of the city's record, set by Jamestown last year for America's Square. Jamestown originally purchased 733 10th Street in 2012 for $140 million from Skanska, which built and developed the property in 2009. Investcorp purchased the property with a joint venture partner, real estate investment banking firm ScanlanKemperBard. Terms of the deal were not disclosed.
"The 733 10th Street property is a stable, prime asset offering what we believe to be resilient, long-term value in combination with attractive current yields," said Brian Kelley, Principal, Real Estate Investment at Investcorp. "We are actively seeking additional core-quality, stable properties like 733 10th Street in a handful of major gateway markets to supplement our ongoing investment activity in core-plus, high cash yield-oriented properties throughout the U.S."
The luxury office building at 733 10th Street is located in the heart of DC's East End office submarket, in close proximity to high-end retail stores, premium hotels and restaurants, two major Metro Stations and 3 blocks from the Verizon Center. Investcorp said that, despite falls in the global oil price, over the past 12 months its total real estate acquisitions have exceeded $1.5 billion in gross asset value as Arabian Gulf investors continue to look to diversify their wealth out of the Middle East region.
For more news and information visit Blumberg Partners.
No comments:
Post a Comment