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Trizec Takes 1200 K St. for $190M

WASHINGTON, DC-Trizec acquires the 389,000-sf office for $190 million. Trizec has a 4.8-million-sf portfolio in the metro area.

By Barbara Jarvie | Updated on April 28, 2005

WASHINGTON, DC-As part of its strategy to enhance portfolios in key submarkets, Chicago-based Trizec Properties has acquired another class A office asset here. The company spent $190 million for 1200 K St. NW. The seller was a group of private investors advised by Prudential Real Estate Investors.

Tim Callahan, Trizec’s president and chief executive officer, says the acquisition illustrates the company’s commitment to strategically reposition and enhance its office portfolio in a select number of key submarkets. “With comparable market net rental rates currently averaging 80% above in-place rents, this high-quality property provides solid cash flows with long-term upside potential.”

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