WASHINGTON, DC–An office building in the District's Golden Triangle submarket has traded as part of a larger nationwide portfolio sale. 815 Connecticut Ave., a long-standing holding of the Swedish pension fund manager Alecta, has been sold along with 18 other offices and retail holdings around the country, according to a source.
This summer Bloomberg reported that Blackstone Group was in negotiations to buy Alecta's US portfolio for $1.8 billion. Our source tells us the transaction has closed for that amount. A request for comment to Blackstone was not immediately returned.
Public records indicate that the portfolio has traded. Other properties include Lakeshore Plaza in San Francisco, the Shops at La Jolla Village in La Jolla, Calif., The Shops at Lincoln Heights in San Antonio, Texas and 605 N Michigan Ave., in Chicago, to name a few.
As for 815 Connecticut Ave., public records indicate that Alecta has retained a stake in the building. A request for comment to the fund manager has not been returned in time for publication.
Alecta acquired the then 11-story building in 2002 and in 2013 invested in a $30 million upgrade and expansion for which it tapped VOA to design. It was able to add about 634 square feet per floor along with the addition of a twelfth floor bringing the building to 236,000 square feet.
WASHINGTON, DC–An office building in the District's Golden Triangle submarket has traded as part of a larger nationwide portfolio sale. 815 Connecticut Ave., a long-standing holding of the Swedish pension fund manager Alecta, has been sold along with 18 other offices and retail holdings around the country, according to a source.
This summer Bloomberg reported that Blackstone Group was in negotiations to buy Alecta's US portfolio for $1.8 billion. Our source tells us the transaction has closed for that amount. A request for comment to Blackstone was not immediately returned.
Public records indicate that the portfolio has traded. Other properties include Lakeshore Plaza in San Francisco, the Shops at La Jolla Village in La Jolla, Calif., The Shops at Lincoln Heights in San Antonio, Texas and 605 N Michigan Ave., in Chicago, to name a few.
As for 815 Connecticut Ave., public records indicate that Alecta has retained a stake in the building. A request for comment to the fund manager has not been returned in time for publication.
Alecta acquired the then 11-story building in 2002 and in 2013 invested in a $30 million upgrade and expansion for which it tapped VOA to design. It was able to add about 634 square feet per floor along with the addition of a twelfth floor bringing the building to 236,000 square feet.
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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.
