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]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Washington, D.C. Newsletters
Related Stories

After Departing Trump Admin, HUD's Former Philly Head Joins Local Planning Commission

Invesco Cuts Fees, Adds Incentives To Quell Fund Redemption Requests

Investors Anchor Big Capital Into Marinas, Betting On Shallow Supply

Developers Eyeing Dallas' 50-Mile Trails Loop For Uptown-Like Opportunities

NYC Office Investor Warns It Could Go Under As Defaults Pile Up

Pinewood Studios Pays Owners £100M Dividend And Completes £300M Refinancing

Large Commercial Real Estate Sales Up 30% Despite Economic Headwinds

Evergrande Founder Sentenced To Life, 56 Others Sent To Prison In China

Coconut Grove Office Flipped For $15M Gain After One Year

D.C.'s Office Market Is Getting A Makeover

Chetrit Group 'Being Dissolved' As Family Turmoil Spirals

Oxford Properties Pays $435M For Boston Office Tower, Eyes More Deals