90 North, in a joint venture with Dubai-based Arzan Wealth, paid $127 million for the property. The transaction, brokered by Cushman & Wakefield, closed approximately 15 months after Rubenstein and Grubb’s acquisition of the then-vacant property, and less than a year after the partnership signed global PC manufacturer Lenovo to a long-term lease of the entire campus.
90 North views the property as a trophy building with significant upside potential. “This is a great acquisition for 90 North, one that really speaks to our commitment to investing in prime, trophy-caliber assets in North America,” said Daniel T. Cooper, Partner and Head of the firm’s North American operations. “The Lenovo Enterprise Campus has the stability and guarantee of a Fortune 500 company and the upside potential of the additional space being developed, and available to be developed, all within a prestigious research park environment.”
Arzan Wealth, an investment advisory firm registered at the Dubai International Financial Centre (DIFC), and regulated by the Dubai Financial Services Authority (DFSA), acted as Strategic Advisor. 90 North and Arzan Wealth have a long-standing, strategic partnership that has acquired over $500 million of assets around the world, acting as advisors to a consortium of UK and Middle East based investors.
The acquisition includes two buildings totalling nearly 450,000 square feet and a nearly 40,000-square-foot building under construction for Lenovo. The site can accommodate an additional 100,000 square feet of development.
Since October 2014, 90 North has acquired an interest in the 175,155-square-foot FBI building in Denver, CO, and The Reserve at Deer Park, a seven-story, 351,425-square-foot office building in Deer Park, IL.
Article from RE Journals.com