The transaction had a total value in excess of $180 million. This investment is the fifth office property Investcorp has acquired in 2002, and the first this year in Chicago.
The property at 233 North Michigan Avenue is a 32-storey, 1,069,813 square foot office building located in the East Loop Section of downtown Chicago. Originally constructed in 1972, the building was fully renovated in 1998. The property is 90% leased to a diverse group of media, governmental, advertising and healthcare tenants. Major tenants include the General Services Administration (United States Government), United Healthcare, Young & Rubicam and Clear Channel.
Investcorp Management Committee Member and General Manager of the Firmâs Bahrain office, Salman Abbasi, said: "The acquisition of this well-leased, high-quality office property comes soon after our investment in April in two prestigious US office properties in New York City and continues our active real estate acquisition program."
Investcorp's New York-based team of real estate professionals focuses on high-quality existing commercial, hotel and residential properties with strong cash flow and attractive potential for medium-term capital gains. The team overseas a portfolio with a current value of more than $1.4 billion in selected urban and suburban markets in the U.S. Over the past four years, Investcorp has concentrated its property investments in sector-specific real estate portfolios including office, retail, hotel, industrial and residential properties.
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