Bahrain’s Investcorp has acquired an office building in Seattle for approximately $223.5m, it announced on Sunday.
The acquisition was carried out by its US-based real estate arm and falls under Investcorp’s “new initiative of acquiring top-quality, well occupied, cash flowing properties” in key gateway markets in the US.
The 41-story, Class A office building called 901 Fifth Avenue is a 540,589 square foot, multi-tenanted office building located in Seattle’s central business district.
It is 90 per cent occupied by 46 tenants involved in businesses including technology, legal services and professional services.
Babak Sultani, Real Estate specialist at Investcorp, said: “We believe 901 Fifth Avenue offers a stable, long-term investment in one of the most dynamic gateway markets in the western US.
“In the past year, we have exceeded $400m in gross asset values with this strategy.
“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.”
Investcorp purchased the property with its joint venture partner – real estate investment, development, and management firm Schnitzer West.
The acquisition of 901 Fifth Avenue is the second under Investcorp’s new strategy. In February, Investcorp acquired 733 Tenth Street, a Class A office building in Washington DC for approximately $180m.