Investcorp, a leading provider and manager of alternative investment products, 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.