“This opportunity underscores the advantages of acquiring trophy credit properties that are fully-leased and occupied by Fortune 500 companies in dynamic secondary markets like Cincinnati,” he says. “Adding to that advantage is the long-term commitment that GE has made to the building and Cincinnati.”

As reported in GlobeSt.com, 90 North, a London-based firm, opened its North American office two years ago with plans to invest about $750 million. Cooper said at the time that the company would focus on up-and-coming secondary markets, and stay away from coastal areas like New York and San Francisco.

The developer and seller of the GE building was the Atlanta-based Carter. The transaction was orchestrated by the Atlanta office of Eastdil Secured, acting on behalf of Carter. A Chicago-based debt and equity team from JLL coordinated the financing, on behalf of KAMCO, with Des Moines, IA-based Principal Real Estate Investors. The local Cincinnati office of CBRE, led by Steven Thornton, will manage the property.

CINCINNATI, CHICAGO—KAMCO Investment Co., a leading investment company in Kuwait, has just acquired the newly completed 12-story, class A office building in downtown Cincinnati that houses GE's global operations center, one of just four such facilities across the world. KAMCO was advised in the transaction by the Chicago office of 90 North which also has a stake in the investment and will serve as asset manager. The sale price was approximately $107 million.

The trophy property totals 339,678 square feet and sits in the heart of the development known as The Banks, between the Cincinnati Bengal Stadium and Great American Ballpark, home of the Reds. GE has signed a 15-year lease and has options for the space for an additional 25 years. It took occupancy of the space last month.

“This acquisition is another landmark in our expansion plan, which we embarked on at the beginning of the year,” says Faisal Sarkhou, chief executive officer of KAMCO, “We affirm our strategic focus on regional and international real estate investments across our core markets that provide sustainable returns to our stakeholders.”

According to Daniel Cooper, head of 90 North's North American operations, KAMCO's initial acquisition in the United States is a great strategy that integrates two tracks 90 North supports – acquiring properties that are newly developed or extensively repositioned and fully-leased to high credit tenants.

“This opportunity underscores the advantages of acquiring trophy credit properties that are fully-leased and occupied by Fortune 500 companies in dynamic secondary markets like Cincinnati,” he says. “Adding to that advantage is the long-term commitment that GE has made to the building and Cincinnati.”

As reported in GlobeSt.com, 90 North, a London-based firm, opened its North American office two years ago with plans to invest about $750 million. Cooper said at the time that the company would focus on up-and-coming secondary markets, and stay away from coastal areas like New York and San Francisco.

The developer and seller of the GE building was the Atlanta-based Carter. The transaction was orchestrated by the Atlanta office of Eastdil Secured, acting on behalf of Carter. A Chicago-based debt and equity team from JLL coordinated the financing, on behalf of KAMCO, with Des Moines, IA-based Principal Real Estate Investors. The local Cincinnati office of CBRE, led by Steven Thornton, will manage the property.