Vico Capital has made its first foray into the Washington DC market in the USA buying an office building for $172.5m (£87m) in the city’s largest transaction this year.
The private equity fund controlled by Dublin-based lawyer Brian O’Donnell and his wife Mary O’Donnell has bought 2099 Pennsylvania Avenue from the German closed-end fund manager Wealth Capital Investments, a wholly-owned subsidiary of Bayerische Hypo-und Vereinsbank.
Built in 2001, 2099 Pennsylvania Avenue is a 206,000sq ft office building designed by Pei Cobb Freed and Partners and which overlooks the White House and the Potomac River. Its tenants include law firm Holland & Knight, Washington-based investment bank Perseus, and Danaher, a publicly traded Fortune 500 company.
‘This property continues our trend of purchasing high-quality buildings in prime locations with credit-worthy tenants. Washington, DC provides the stability, quality and rental growth potential that Vico Capital requires,’ said O’Donnell, Vico Capital chairman.
Vico has property assets of more than $2bn (£1bn). Other buildings it owns include the 750,000 sq ft Fatburen office building in Stockholm; the Sanctuary Buildings in Westminster, and 17 Columbus Courtyard and 15 Westferry Circus in Canary Wharf, London, occupied by Credit Suisse and Morgan Stanley respectively.
Jones Lang LaSalle advised Wealth Capital Investments.