Bahrain-based provider and manager of alternative investment products, Investcorp, bought a 41-storey Class A office building in Seattle, Washington for $223.5 million, reported Trade Arabia.
The building is located in 901 Fifth Avenue, and is built on 540- 589 square feet in Seattle’s central business district, according to Arab News.
The building is home to 46 tenants who operate in a variety of businesses that include technology, legal services, and professional services.
Investcorp exceeded $400 million in gross asset values last year through a strategy of identifying alternative investment opportunities that will deliver superior returns, stated Babak Sultani, a real estate specialist at Investcorp.
The building has easy access to primary freeways and public transportation options and lies close to high-end restaurants, retail outlets, hotels, cultural attractions, and courts, Sultani added.
The company purchased the property with its joint venture partner Schnitzer West, a company that is experienced in real estate investment, development, and management, which has a portfolio of 5.3 million square feet in the Seattle Metropolitan Area.