Bahrain Investment Firm Picks Up DC Office Building For Over $1k Per SF
Investcorp has continued its stateside shopping spree, this time by adding an office building in downtown DC to its portfolio for one of the highest per-SF prices ever paid for a District building.
The Bahrain-based asset manager, in partnership with ScanlanKemperBard, has picked up 733 10th St NW for $180M from Jamestown. The 170k SF building is fully leased, and was acquired by Jamestown in 2012 for $129.4M from Skanska USA, the Washington Business Journal reports. Skanska developed the building in a JV with PN Hoffman. The acquisition, priced at $1,053 per SF, came in just $48 per SF shy of the DC record, set by Jamestown last year for America's Square.
Over the past 12 months, Investcorp’s acquisitions have totaled more than $1.5B in value, and it doesn’t sound like the company will be slowing down any time soon. Brian Kelley, principal for real estate investment at Investcorp, told the WBJ the company is “actively seeking additional core-quality, stable properties like 733 10th St in a handful of major gateway markets.”
Back in December, Investcorp acquired roughly 5.5M SF of office and industrial properties in the Atlanta, Boston and San Francisco metro areas for $400M. That series of acquisitions followed a fall buying spree that saw the company pick up several residential properties in metro areas across the US for $400M. [WBJ]