WASHINGTON, DC–MetLife and Norges Bank Real Estate have acquired Constitution Square Three and Four, the 839,000 square foot office complex that StonebridgeCarras leased with much fanfare to the Department of Justice last year.
The price was not announced in the two buyers' joint release but in a separate release Norges reported that the properties were trading for $422 million.
Norges is taking a 47.5% stake in the two buildings. MetLife acquired the remaining 52.5% interest and will manage it on behalf of the partnership.
The seller is StonebridgeCarras and Walton Street Capital.
The transaction occurred very speedily, it appears, with the deal signed at the end of August and closed on Sept. 21.
Constitution Square Three and Four totals 842,000 square foot. The 349,000 square foot Constitution Three has delivered and plans are underway for building to begin on Constitution Square Four, a 493,000 office tower that will target LEED Platinum certification. The combined 839,000 square feet is leased to the Department of Justice.
The MetLife-Norges JV has invested in five properties all together. This latest acquisition is their second in the District. The four other properties are: One Financial Center in Boston; One Beacon St. in Boston; District Center at 555 12th St. NW in Washington, D.C.; and 425 Market St. in San Francisco.
WASHINGTON, DC–MetLife and Norges Bank Real Estate have acquired Constitution Square Three and Four, the 839,000 square foot office complex that StonebridgeCarras leased with much fanfare to the Department of Justice last year.
The price was not announced in the two buyers' joint release but in a separate release Norges reported that the properties were trading for $422 million.
Norges is taking a 47.5% stake in the two buildings.
The seller is StonebridgeCarras and Walton Street Capital.
The transaction occurred very speedily, it appears, with the deal signed at the end of August and closed on Sept. 21.
Constitution Square Three and Four totals 842,000 square foot. The 349,000 square foot Constitution Three has delivered and plans are underway for building to begin on Constitution Square Four, a 493,000 office tower that will target LEED Platinum certification. The combined 839,000 square feet is leased to the Department of Justice.
The MetLife-Norges JV has invested in five properties all together. This latest acquisition is their second in the District. The four other properties are: One Financial Center in Boston; One Beacon St. in Boston; District Center at 555 12th St. NW in Washington, D.C.; and 425 Market St. in San Francisco.
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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.
