Investcorp acquires $180m office building in Washington

Muscat: Investcorp, a leading provider and manager of alternative investment products, on Monday announced that its United States-based real estate arm has acquired a Class A, quality office building in Washington, for approximately $180 million.
This acquisition is consistent with Investcorp’s recent track record of acquiring top-quality, cash flowing properties in the US and also represents the first acquisition under a new initiative focused on core-quality, long-term hold assets in key gateway markets.
733 10th Street (the “Property”), is a 170,813 square feet, 100 per cent occupied, luxury office building located in the heart of Washington’s East End office submarket, in close proximity to high-end retail stores, premium hotels and restaurants, two major Metro Stations and well-known sports and entertainment venues.
Harsh Shethia, managing director at Investcorp for Oman, said, “Investcorp is one of the largest international investors in US real estate and we are pleased to be able to add this property to our portfolio. Our steady growth is underpinned by our strategy of targeting high-quality assets that are strategically located in metropolitan hubs across the US We have a solid pipeline of additional potential investments which we are carefully analysing.”
Investcorp purchased the property with its joint venture partner, ScanlanKemperBard.
Investcorp’s real estate group continues to identify alternative investment opportunities that it believes will deliver superior returns. In the last twelve months, Investcorp’s total real estate acquisitions have exceeded $1.5 billion in gross asset value. Since 1996, Investcorp has completed over 400 property investments totaling more than $13 billion in value.