New York (HedgeCo.net) – Corporate, real estate and hedge fund giant, Investcorp and joint venture partner Schnitzer West, LLC, have sold their stake in the Bellevue, WA office towers known as Bravern Office Commons to a client advised by Principal Global Investors for $410 million.
The sale is the latest of three in three months that have generated over $610 million in gross proceeds for Investcorp’s real estate group.
The sale of Bravern Office Commons follows Investcorp’s sale last month of its stake in the Maritime Plaza office complex in Washington, D.C. and its sale in June of the mortgage note backed by the Washington, D.C. headquarters of the US Coast Guard.
“With increasing levels of liquidity in today’s market, we are now also seeing buying opportunities in both the equity and debt spaces. In fact, we are actively negotiating to acquire over $120 million of new deals in the next 30-45 days.” Herb Myers, a managing director in Investcorp’s real estate group said.
In June, Investcorp’s Real Estate Credit Fund completed its sale of the mortgage note to the Coast Guard building to Talos Capital Limited for $89 million. The Fund acquired the note in 2009 for $76 million, a steep discount to its $100 million par value. The deal came ahead of the note’s 2014 due date as the Fund took the opportunity to exit at a profit before investing in improvements to attract a tenant when the Coast Guard’s lease expires.
Alex Akesson
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