"We're looking at multi-family and office properties, so we cast a pretty broad net when we look for acquisitions," Quadrangle's Helen Hearle says in a conversation with GlobeSt.com. "We don't have anything under contract at this time, we just closed the fund two weeks ago. But we have several irons in the fire and we're waiting to hear back." The idea for a second fund came on the heels of a successful first venture. Fund I was responsible for the purchase of 2020 K Street in the District and Virginia's 8300 Greensborough and 1600 International Drive buildings. It also acquired Washington's Farragut Building, which is currently on the market and valued at $50 million. The 12-story building, listed with Cassidy & Pinkard, is 96% leased and offers a total of 146,795 sf of space. "They're all Class A properties in fabulous locations," Hearle says. The fund also just completed last month a new build-up structure at 1875 K Street.

Fund II is structured to follow in the lucrative footsteps of Fund I. "This is essentially identical in format to our first fund," Hearle explains. "We have two new investors, and all but one investor from the first fund joined us on this one, so we thought that was a pretty good indicator of its success."