Investcorp SA, the Bahrain-based investment company, agreed to buy five U.S. office properties valued at about $200 million as it focuses on cities with economic growth and low unemployment.
Investcorp acquired Westmoor Place in Denver, One Westchase Center in Houston and Tysons Commerce Center outside of Washington, the company said in a statement today. The properties purchased have total space of 1.08 million square feet (100,000 square meters) and a combined occupancy rate of more than 94 percent.
“The acquisition of these high-quality properties in major U.S. markets provides an excellent opportunity to generate current income, while improving operating and leasing performance over the longer term,” Herb Myers, managing director at Investcorp, said in the statement.
Demand for U.S. commercial properties is nearing its 2007 peak as buyers seek to take advantage of a stronger economy and rising occupancy.
Firms from outside the U.S. acquired $2.83 billion of Houston office buildings in the past three years, according to Real Capital Analytics Inc., making them the largest net buyers of any investor class.