Bahrain’s Investcorp acquires New York office buildings for $156m

Bahrain-based Investcorp has acquired two New York office buildings for $156m.

The buildings, 229 West 36th Street and 256 West 38th Street, are located in Midtown Manhattan and are fully leased to 20 long-term tenants, according to the firm. They cover a total of 267,000 square feet.

The company said they would benefit from development activity around Hudson Yards, Manhattan West, Penn Station, and Moynihan Station.

As part of the transaction it has entered into a joint venture with New York-based owner and operator Brickman, which will serve as the leasing and management agent.

Investcorp has partnered with Brickman on two previous deals.

“As one of the largest foreign investors in US real estate, we have invested over $2bn in the last 18 months and will continue to focus on uncovering opportunities in gateway cities across the country,” said Investcorp executive chairman Mohammed Alardhi.

The company’s other US real estate investments this year have included six multi-family properties in in September for $350m, six industrial properties in April for $160m and three multi-family housing properties in February for $400m.

Read: Bahrain’s Investcorp acquires US property worth $350m