James Caan’s 90 North Real Estate Partners, in partnership with Dubai-based Arzan Wealth, has closed its third US acquisition with the purchase of the Lenovo Enterprise Campus in North Carolina.
The 450,000 sq ft property was acquired for $127m (£82.3m), and is let to Lenovo on a 13-year triple net lease.
The block sits on the 22.5m sq ft Research Triangle Park, which is home to more than 190 companies, including IBM, Cisco and Ericsson. Hong Kong-based Lenovo is a Fortune 500 technology firm.
It was sold by affiliates of the Philadelphia-based Rubenstein Partners and its partner Grubb Properties.
The property covers two four-storey blocks on a 67-acre campus, and also includes a 40,000 sq ft research and development centre, which is under construction.
The site has scope for an additional 100,000 sq ft of development.
90 North founder and head of investment Nick Judd said: “Following the opening of our Chicago office, 90 North continues to expand geographically, building on our track record in the UK and Europe. This takes recent transactions we have advised on in the US to circa $233m and to $850m worldwide.”
Cushman & Wakefield acted for the vendor.
