The building here is an 11-story, 22,000-sf building bought for $44 million. It has an occupancy rate of 97% and is located in the Rosslyn/Ballston corridor. A spokesperson for TrizecHahn notes this community of Northern Virginia has "one of the lowest vacancy rates" and also has "relatively little dependence on the telecommunications and technology sectors."
The Chicago building cost TrizecHahn $77 million. It's a new 16-story, 372,000-sf building in the West-Loop and is 92% occupied/95% leased. The company now owns 6 million sf in Chicago.
For the Chicago story, click on:TrizecHahn Pays $76 Mil for 550 W. Washington
The purchase of the Washington, DC building closed just yesterday, May 30. It was purchased for $59 million. It's an 8-story, 224,000 sf property and is 100% occupied by Ernst & Young. The E&Y lease does not expire until 2007. TrizecHahn now owns approximately 5 million sf in Washington, DC.
"These acquisitions will provide stable cash flows and growth opportunities with a relatively low risk profile. The average initial cash return on costs is anticipated to be 9%" says Casey Wold, president of the company.
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