Quadrangle Launches Fund With $250M

WASHINGTON, DC-Hoping for a repeat performance, real estate services company Quadrangle Development Corporation has just created its second real estate investment fund, National Capital Properties Trust II. The fund has $250 million in capital available, and will acquire existing properties and build new ones in Washington, DC, Virginia and Maryland.

“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.