Bahraini investment group Investcorp announced that it has completed the acquisition of a 70 percent interest in an office property in Chicago, Illinois. The property was purchased in partnership with Parkway Properties, Inc., an American real estate investment trust. The majority interest acquired by Investcorp was purchased at a price equal to Parkway's investment in the property.
The transaction had a total value in excess of $180 million. This investment is the fifth office property Investcorp has acquired in 2002, and the first this year in Chicago. The property at 233 North Michigan Avenue is a 32-storey, 1,069,813 square foot office building located in the East Loop Section of downtown Chicago.
Originally constructed in 1972, the building was fully renovated in 1998. The property is 90 percent leased to a diverse group of media, governmental, advertising and healthcare tenants. Major tenants include the General Services Administration (US Government), United Healthcare, Young & Rubicam and Clear Channel.
Investcorp Management Committee Member and General Manager of the Firm's Bahrain office, Salman Abbasi, said: “The acquisition of this well-leased, high-quality office property comes soon after our investment in April in two prestigious US office properties in New York City and continues our active real estate acquisition program.”
Investcorp's New York-based real estate team overseas a portfolio with a current value of more than $1.4 billion in urban and suburban markets in the US. Over the past four years, Investcorp has concentrated its property investments in sector-specific real estate portfolios including office, retail, hotel, industrial and residential properties.
Investcorp has offices in Bahrain, London and New York. The firm has four lines of business: corporate investment, real estate investment, asset management and technology investment. It was established in 1982 and has since completed transactions with an aggregate value of approximately $20 billion.
In Europe, Investcorp and its clients currently own corporate investments that include Avecia, Gerresheimer Glas AG and Welcome Break. In the United States, Investcorp and its clients currently own corporate investments that include Neptune, Jostens and Synthetic Industries. — (menareport.com)
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