Cassidy & Pinkard Wins 5M-SF Mandate

WASHINGTON, DC-An affiliate of Boston-based Beacon Capital Partners LLC has named Cassidy & Pinkard Colliers to manage the 5.3-million-sf DC and Northern Virginia office portfolio it acquired from the Blackstone Group. The holdings come from what used to be Equity Office Properties Trust’s DC portfolio, before the company was acquired by Blackstone earlier this year in a $39-billion cash transaction.

In its typical understated style, Beacon Capital has been sparse in the details it has provided about its acquisition here. The purchase price has not been released, although a source tells GlobeSt.com that Beacon was under contract to acquire the Washington, DC/Northern Virginia and Seattle EOP assets from Blackstone for $6.5 billion.

With what is arguably the largest third-party office leasing management contract ever to be awarded in the District under its belt, Cassidy & Pinkard Colliers is in the process of evaluating what can be done to bring value to the 97%-occupied portfolio.