TYSONS CORNER, VA- Investcorp, an investment fund listed on the Bahrain Bourse, made a splash in DC's investment office market earlier this year with a $200 million portfolio acquisition with one of the properties acquired the Tysons Commerce Center. The 181,000-square foot building office building traded for about $50 million, according to a source.

Now the fund has made another round of acquisitions in four major cities—none of which, unfortunately for locals, is Washington, DC. They are Chicago, Los Angeles, Minneapolis and New York and the aggregate value of these office and retail assets is $250 million.

This latest deal is indicative of the fund's approach is to invest in assets that it believes will provide attractive yields soon after they are acquired, says Herb Myers, managing director in Investcorp's real estate group. "We believe these properties also present an opportunity to improve their operating and leasing performance over a longer time horizon."

The properties comprise a total of more than 1.6 million square feet and have a combined occupancy rate of approximately 92%. They are:

1603 and 1629 Orrington, Evanston, IL: Located in a northern Chicago suburb, this two building office complex encompasses 339,000 square feet and benefits from its close proximity to Northwestern University.

Mountaingate Plaza, Simi Valley, CA: Situated on 25 acres in the greater Los Angeles area, Mountaingate Plaza is a 246,326-square-foot multi-tenant grocery and drugstore anchored retail center with a connecting medical office facility.

Oracle & International Centre, Minneapolis, MN: With a total of 622,000 square feet, this acquisition is comprised of two office towers in Minneapolis' central business district. The office complex is leased by a group of 43 longstanding tenants, including Oracle America.

On Long Island, NY: Investcorp picked up one office property each—all boasting historically high occupancy rates—in Garden City, Mineola and Rockville Centre. The multi-tenanted portfolio is leased to 132 tenants and totals 374,000 square feet. Tenants include local law firms as well as healthcare and technology businesses.

Instant Insights /

Investcorp Makes Another Portfolio Buy, at $250M

Related Stories

Recommended For You