Investcorp buys $1.4bn New York office

Bahrain-based investment bank Investcorp said it had bought an office property in New York for $1.4 billion from Dubai state investment agency Istithmar, reported Reuters.The offices are leased to 37 tenants including Deutsche Bank, Credit Suisse First Boston and GE Capital, and the property is home to Investcorp's New York offices. The Park Avenue property consists of a 31-storey tower and a 43-storey tower.