Moves From Private Equity Giants: What Invesco Has Bought And Sold In The Last 24 Months
Private equity real estate firm Invesco has been quite the go-getter as of late, making moves on property on all sides of the country. Not planning a slowdown, the firm just put together a $500M Asian real estate fund, looking to expand its high-yield business in the Far East. Here's a breakdown of some of Invesco's biggest moves over the past two years.
Price: $316M
Size: 400k SF
Seller: Shorenstein Properties, Worthe Real Estate
In its first big move into Playa Vista, a fast-growing area of Silicon Beach in LA, Invesco grabbed this chunk of creative office space in February 2015. The former US Postal Service property was picked up by Shorenstein and Jeff Worthe for just $44M four years earlier. And after a good bit of TLC, the JV made a sweet chunk of change on it.
Price: $278M
Size: 68k SF
Seller: SL Green
Invesco acquired an 80% stake in this six-story NYC building from realty giant SL Green in July 2015. The sale of the mixed-use tower helped SL Green free up $642M, paving the way for its purchase of the 2.3M SF, $2.3B building at 11 Madison Ave.
Price: N/A
Size: 146k SF
Seller: Velocis
Velocis sold this Dallas trophy office building to Invesco in January 2015, just two years after buying it. Velocis co-founder Mike Lewis told us last year the firm had taken the building from a Class-A-minus to a solid A, and to more than 95% occupancy.
Price: $28M
Size: 25k SF
Buyer: Clarion
The PERE giant sold this Silicon Valley office in July 2015 to NY-based Clarion Partners for just about $1,120/SF. Invesco grabbed the space back in 2011, paying just $19.4M, or $784/SF.
Price: $1.2B
Size: 1.4M SF
Buyer: RXR Realty
Invesco and JV partner Monday Properties sold the Helmsley Building at 230 Park Ave in early November. The NY office tower was home to Monday Properties for over a decade, but the developer decided to take up new digs on Madison Ave.
Price: $125M
Size: 518 units
Seller: PNC Realty
Invesco snatched up this complex, called "The Retreat at Park Meadows" in November 2015. PNC was repped by HFF, who's brokers noted the development was prime for a new owner to complete a value-add strategy—as no doubt Invesco plans to carry out.
Price: $475M
Size: 420 apartments, 217 SF retail
Seller: Lincoln Property, Phoenix Property, Alcion Ventures
After a five-year bidding saga involving four other interested parties, Invesco snatched up this mixed-use prize last month—its second foray into Playa Vista. The retail side of the complex is anchored by big names like Whole Foods, CVS and Cinemark Cinema.
Price: N/A
Size: 223 units
Seller: Lakeshore Partners
Invesco snagged this development site last month, which Lakeshore Partners had zoned for a 24-story residential tower. The tower is within Oakland's Broadway-Valedez District Specific Plan, which is meant to streamline development in certain areas of the city.
