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$644M Takes 1M-SF-Plus Office Portfolio

WASHINGTON, DC-A 1.5-million-sf office portfolio--consisting of full interest is three properties, a majority interest in another property and full interest in two developments that are currently under way--trades in a $644-million transaction. The class A assets have an average occupancy level of nearly 97%.

By Barbra Murray | Updated on October 03, 2005

WASHINGTON, DC-Ownership of a 1.5-million-sf office portfolio located in the District, Northern Virginia and Suburban Maryland has changed hands in a $644-million transaction. Morgan Stanley Real Estate’s Prime Property Fund acquired the class A group of assets from affiliates of Chevy Chase, MD-based the JBG Cos. New York’s Prime Property Fund now owns total interest in three properties in the Metropolitan DC area, a majority interest in an additional property, and full interest in two projects that are currently under development. In May the news surfaced that JBG had put 32 of its properties–nine of which were in-progress–totaling 3.6 million sf on the market.

Two of Prime Property Fund’s new holdings, Potomac Center South and 1601 K St. NW are located in Washington, DC. Located at 12th Street SW, Potomac Center South is an 11-story property of 420,000 sf, while 1601 K St. is a 200,000-sf, 11-story structure that is fully occupied. Another one of the buildings is 1 Choke Cherry Rd in Rockville, MD. Also known as One Market Square, the building is six stories tall and offers 230,000 sf. And the final completed property is 1801 N. Lynn St. in Arlington, VA and features 350,000 sf over 24 floors. Morgan Stanley acquired a 53% interest in the 1801 N. Lynn St. building. The four finished properties have an average occupancy level of nearly 97%, with the US General Services Administration occupying an average of 78% in the buildings.

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