Shariah-compliant investor 90 North has bought the FBI’s regional headquarters in Denver, Colorado, for $65m (£31.1m) on behalf of a Middle Eastern client.
The sale of the 220,000 sq ft FBI Denver Field office, by the building’s developer, Alex S Palmer & Co, reflects a net initial yield of 6%.
The US General Services Administration, the government body that looks after the basic functions of federal agencies, holds a 20-year lease on the building on behalf of the FBI.
This is 90 North’s first US deal since it opened its Chicago office in June with a view to investing up to $750m.
Also, 90 North has announced it has hired Toby Selman as investment partner. Selman, one of the founding management team of Raven Russia, joins from Swiss private equity real estate firm Beaumont, where he was managing director.
The company has also hired Jon Evans as financial controller. He joins from Harbert Management Corporation, a private equity real estate fund, where he was fund controller to the European real estate team.
90 North was founded in June 2012 by Nick Judd and Philip Churchill, with backing from Dragon’s Den star James Caan, and has since worked on £430m of real estate transactions on behalf of a predominantly Middle Eastern client base.
sophia.furber@estatesgazette.com
