ICG Recaps $100M DC Portfolio, Eyes Development

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WASHINGTON, DC-ICG Properties, a local development and investment company, has recapitalized 75% of the equity in its DC portfolio, replacing a number of smaller equity players with Westbrook Partners, a spokesman for ICG tells GlobeSt.com. The value of the recapitalization is $100 million and covers a majority of the company’s portfolio: the World Center Building at 1600 K St.; 2115 and 2121 Wisconsin Ave.; Penn Branch Center; and the recently acquired 910 16th St. As reported by GlobeSt.com ICG closed on a parcel of land and two buildings at the northwest corner of 16th and Eye streets at the end of last month for an undisclosed price.

“This is an exciting opportunity for us,” says David Stern, who along with Darik Elwan and Stylianos Christofides, is an ICG Properties principal. He tells GlobeSt.com that the firm is hopeful Westbrook will joint venture with it on future deals, in which both sides would kick in additional equity.