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REIT Closes on Georgetown Plaza in Aetna JV

WASHINGTON, DC-Columbia Equity maintains a 40% ownership interest in the $23-million trade.

By Erika Morphy | Updated on October 03, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

WASHINGTON, DC-With partner Aetna Life Insurance Co., Columbia Equity Trust has closed on the acquisition of Georgetown Plaza, a 151,000-sf multi-tenant office and retail asset at 2233 Wisconsin Ave., for $23 million. Aetna will maintain a 60% ownership interest in the joint venture. Columbia Equity did not disclose the seller, but according to sources it was Unicorn Wisconsin LLC.

As GlobeSt.com previously reported, this transaction has been pending for several months. Over that time period the contract price dropped, from $23.5 million, as a result of due diligence findings. The deal had also been contingent on a ground lease that was set at that time to expire in December 2058. In an earlier earnings call, it was reported that the terms of the ground lease were renegotiated, extending the maturity date to 2105, or 99 years. Columbia did not return calls for this story.

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