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Jeddah, Saudi Arabia: SEDCO Capital (“the Firm”), a global Shariah-compliant and ethically led multi-asset manager, announced the completion of its acquisition of 1899 Pennsylvania Avenue in Washington DC, alongside its transaction partners Sterling Bay, Declaration Partners, and MRP Realty.
The premium office building in the US capital is approximately 191,000 square feet, located just three blocks from the White House, features a unique structural design, window walls and park views, and is optimally located for transit connectivity. The property will undergo a major redevelopment, including the main lobby, rooftop, common areas and amenities, all of which will reflect post-COVID safety precautions.
Samer Abu Aker, CEO of SEDCO Capital, said: “SEDCO Capital’s investment in this premium address is in line with our strategy of responsibly investing in attractive real estate properties in stable markets that offer clear value appreciation opportunities. 1899 Pennsylvania Avenue checks all those boxes, and alongside our reputable partners Sterling Bay, Declaration Partners, and MRP Realty, the investment case is only strengthened further. We have always believed that partnership is key to securing success in the context of differentiated offerings and providing international market exposure for our clients.”
Aly Meghani, Head of International Real Estate at SEDCO Capital, said: “We believe 1899 Pennsylvania Avenue will be a strong addition to our opportunistic real estate portfolio, following our successful recent exits in Frankfurt, Germany and Nashville, US. We have great confidence in the long-term strength of DC’s downtown business district.”
SEDCO Capital is an active player in global real estate, having invested in over 30 countries alongside a network of over 100 partners and advisors. From 2016 to 2020, the firm successfully conducted 15 exits in the US, Europe, and Asia, 8 of which being from the US. During the last 5 years, the Firm made 12 acquisitions, 8 of which being in the US.”.
© Press Release 2021
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