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29 November 2023

Investcorp buys $1.4bn office property in NY

By Agencies
Bahrain-based investment bank Investcorp said on Saturday it had bought an office property in New York for $1.4 billion (Dh5.11 billion) from Dubai state investment agency Istithmar.

The offices are leased to 37 tenants including Deutsche Bank, Credit Suisse First Boston and GE Capital, and the property is home to Investcorp's New York offices.

"The real estate market in New York, especially that for office space, is very active and has achieved attractive returns due to increasing demand coupled with scarce availability," Investcorp Managing Director Mazin Al Khatib said in a statement.

The Park Avenue property consists of a 31-storey tower and a 43-storey tower. Investcorp said it had acquired the building in partnership with Broadway Partners, a New York real estate investment and management firm.

Investcorp said it had more than $13 billion (Dh47.5 billion) in assets under management on June 30. The company usually invests Arab wealth in the West, but said it would start investing in the Middle East. (Reuters)