Vico Capital Acquires CBD Office for $173M

[IMGCAP(1)]WASHINGTON, DC-A private equity fund headed by Dublin-based principals has snapped up a CBD office building for $172.5 million. Vico Capital, a fund controlled by husband-and-wife team Brian O’Donnell and Mary Patricia O’Donnell, have acquired 2099 Pennsylvania Ave. from a German closed-end fund Wealth Capital Investments, a wholly-owned subsidiary of Bayerische Hypo- und Vereinsbank AG, which developed the 206,000-sf building in 2001.

[IMGCAP(2)]Designed by architecture firm Pei Cobb Freed and Partners, the building houses Holland & Knight, the investment bank Perseus, and Danaher, among other investment-grade tenants. The acquisition has brought the value of Vico Capital’s property assets to more than $2 billion. It also fits in with its investment criteria of high-quality buildings in prime locations with credit-worthy tenants, Brian O’Donnell says. “We hope that this will be the first of several trophy asset purchases in Washington, DC and elsewhere in the US this year as we continue to expand Vico Capital’s world-class portfolio outside of our home markets,” he says in a prepared statement.