Two-Building Portfolio Downtown Sells for $48M

WASHINGTON, DC-Lend Lease Real Estate Investments Inc. hands over two downtown office properties accounting for 215,000 sf to AEW Capital Management for $48.125 million. Lend Lease acted on behalf of owner California State Teachers’ Retirement System, while AEW stood in for buyer Lucent Technologies Inc. Master Pension Trust.

The Class B structures at 1120 19th St. and 1990 M St., which offer approximately 109,000 sf and 105,000 sf respectively, were sold as a portfolio, with no separate prices indicated for each building. The former has a 2003 assessed value of $23 million and the latter is valued at $23.5 million.