Independence Square Sells for $345M

WASHINGTON, DC-Ownership of the class A office buildings known as One and Two Independence Square changed hands in a $345-million deal between the properties’ developer Boston Properties and buyer Atlanta, GA-based Wells Real Estate Investment Trust. Just over a decade old, the two nine-story structures account for a total of nearly 950,000 sf of office and ground-level retail space in the District’s southwest area.

One Independence–the smaller of the two structures at approximately 348,000 sf–is fully occupied by the US Office of the Comptroller of the Currency, which has made the building its headquarters since its completion in 1991. The Comptroller preleased its offices in late 1989 in a 15-year, $149 million deal. Its lease expires in 2006. Independence Two is just over 601,000 sf and its offices are 100% occupied by the National Aeronautics and Space Administration. NASA’s lease is not due to expire until 2012.