UrbanAmerica in $485M Portfolio Buy

NEW YORK CITY-UrbanAmerica LP has acquired a 3.1-million-square footportfolio of 13 office buildings and one strategic distribution center for $485 million from Rubicon America Trust. The portfolio is 93%-leased to federal government tenants, and represents UA’s largest one-time acquisition.

The properties are located in Washington, DC; Philadelphia; Boston;Sacramento; San Diego; Houston; Denver; Kansas City, KS; Providence,RI; Burlington, NJ; Norfolk, VA; Suffolk, VA and Huntsville, AL. According to a release, the acquisition fits in with UA’s business plan calling for real estate investments with strong credit institutional tenants in major metropolitan markets.