Mubasher: Bahrain based, Investcorp said its US-based real estate arm has purchased Class A office building in Seattle, Washington in return for around $223.5 million.
The building is composed of$ 180 million and known as 901 Fifth Avenue or the “Property".
The acquisition is consistent with Investcorp’s new initiative of acquiring top-quality, well occupied, cash flowing properties in key gateway markets in the U.S. and represents the second acquisition under this strategy.
Last February, Investcorp acquired 733 Tenth Street, a Class A office building in Washington, D.C., for approximately $180 million.
Investcorp purchased the property with its joint venture partner, Schnitzer West, an experienced real estate investment, development, and management firm with a current portfolio of 5.3 million square feet in the Seattle metropolitan area.
