Investcorp Acquires Prestigious New York Building in Midtown Manhattan |
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Bahrain - InvestcorpInvestcorp
, the alternative asset manager, today announced the completion of the $1.4 billion acquisition of the 280 Park Avenue building, located in Midtown Manhattan in New York City. This building is considered an iconic real estate feature of New York, and is home to many well known famous financial and investment institutions. InvestcorpInvestcorp's acquisition was made in partnership with Broadway Partners, an established real estate investment and management firm that is headquartered in New York and with whom InvestcorpInvestcorp has successfully co-invested in previous investments. The property was acquired from Istithmar, the Dubai-based investment holding company.280 Park Avenue comprises approximately 1.2 million sq. ft. of rentable office space in the heart of Manhattan. Due to its excellent central location and building quality, it is considered one of the prime office addresses in New York. It consists of one 31-story office tower fronting Park Avenue and one 43-storey office tower with a connecting 14-storey mid-rise office building. It has 29 passenger elevators and four freight elevators.
The building is currently 97.8% leased to 37 tenants representing a variety of industries, with a concentration in the finance and investment sectors. Tenants include Deutsche Bank, the National Footbal League (NFL), Credit Suisse First Boston, GE Capital, and Cohen & Steers. It is also InvestcorpInvestcorp's New York base: InvestcorpInvestcorp operates its US real estate, private equity, hedge fund, and technology investment activities out of 51,000 square feet on five floors in the West tower, making InvestcorpInvestcorp the 4th largest tenant in the building. It is strategically located close to New York City public transportation and commuter hubs with access to Connecticut, Westchester County, New Jersey and Long Island.
InvestcorpInvestcorp's Managing Director Mazin Al Khatib commented on the deal saying: "This investment is in line with our strategy that makes us one of the largest investors in the US real estate market over the 25 year period. 280 Park Avenue is part of New York's heritage, and is an address sought after by top institutions wanting a presence in the heart of Manhattan. The building is well equipped and requires minimal maintenance over the next ten years."
Al Khatib said that the real estate market in New York, and especially that for office space, was very active and had achieved attractive returns due to increasing demand coupled with scarce availability. He noted upcoming initiatives which will be undertaken to improve the operations at 280 Park Avenue aimed at increasing potential returns for clients. These included new rental policies, cementing relationships with tenants and controlling expenses.
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About Investcorp
InvestcorpInvestcorp is a leading provider and manager of alternative investment products. It has offices in the Kingdom of Bahrain, London and New York and is publicly traded on the London Stock Exchange (IVC) and Bahrain Stock Exchange (INVCORP). InvestcorpInvestcorp has five lines of business: private equity, hedge funds, real estate, technology investment and Gulf growth capital. Founded in 1982, InvestcorpInvestcorp has grown to become one of the largest and most diverse alternative investment managers in terms of both product offerings and geography. As of 30 June 2007 InvestcorpInvestcorp had over $13 billion in invested assets under management (AuM).
Issued on behalf of InvestcorpInvestcorp by Hill & Knowlton. For more information, please visit InvestcorpInvestcorp at www.investcorp.com.
For more information, please contact:
InvestcorpInvestcorp (London)
Deborah Botwood Smith
Tel: +44 (0) 20 7629 6600
Hill and Knowlton
Maheen Ali
Tel: +973 (17) 533 532
InvestcorpInvestcorp (Bahrain)
Firas El Amine
Tel:+973 1753 2000
© Press Release 2008
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