29 Feb 2016
Investcorp, a leading provider and manager of alternative investment products, today announced that its U.S.-based real estate arm has acquired a Class A, quality office building in Washington, D.C. for approximately $180 million. This acquisition is consistent with Investcorp’s recent track record of acquiring top-quality, cash flowing properties in the U.S. 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 sq. ft., 100% occupied, luxury office building located in the heart of Washington, D.C.’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.
“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.”
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.