WASHINGTON, DC—A source has told GlobeSt.com that investment management company Westbrook Partners is acquiring a majority stake in a two-office portfolio from TIER REIT for approximately $200 million.
The buildings are located on the city's G street in Northwest. Specifically, they are 1325 G St., NW and the Colorado Building, which is located at 1341 G St., NW.
The source says that TIER REIT, which is the former Behringer Harvard REIT I, is retaining a 10% interest in both buildings.
GlobeSt.com reached out after hours to Westbrook and TIER REIT for comment. We will update the story accordingly.
TIER REIT also just sold two office buildings in Philadelphia. A fund sponsored by CBRE Global Investors acquired United Plaza and 1650 Arch, two recently renovated class A buildings in Center City Philadelphia. They traded for a total of $171 million, according to property records.
Separately, the Washington Business Journal has reported that another building traded in the District recently: Carr Properties purchased Columbia Center, a nearly 400,000-square-foot building at 1152 15th St. NW, for $138 million, or roughly $350 a square foot. The seller was an affiliate of UBS.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
