Georgetown Portfolio Gets Second Owner

WASHINGTON, DC-A deal has been struck in which a new investor takes on partial ownership of the Georgetown Renaissance portfolio, a collection of 17 buildings owned by EastBanc Inc. featuring office, retail, residential and storage space in Georgetown. TMW Property Funds (USA), the property funds management arm of Prudential Real Estate Investors, bought a 48% stake in the 306,000-sf portfolio for an undisclosed figure.

“This project, in a unique and dynamic urban neighborhood in Washington, DC, gives our clients the potential to benefit from investing in one of the oldest historic commercial shopping districts in the United States,” says Barry Howell, TMW principal of transactions. EastBanc brought a slew of solid, high-end retailers to Georgetown in spaces that were once infamous for high turnovers.