WASHINGTON, DC–GIC, Singapore's sovereign wealth fund has recapitalized two offices in the Washington DC area owned by Beacon Capital Partners and invested with the company in a third, for a total of more than $1.05 billion.
The three properties are
- Lafayette Centre, a 789,000 square foot multitenant complex of three buildings located in the Central Business District;
- Pentagon Center, a 912,000 square foot complex of two buildings in Crystal City that are fully-leased for the long term to the US General Services Administration;
- Terrell Place, a 426,000 square foot complex of three interconnected buildings in the East End.
The first two deals were structured as joint ventures. For the Terrell Place financing, GIC separately invested alongside an existing Beacon-sponsored fund.
The deal closed on Wednesday night.
The three properties will give GIC some scale to continue to invest in the Washington DC area, according to Adam Gallistel, regional head of Americas.
“We believe in the long-term strength of the DC metro area,” he said in a prepared statement.
WASHINGTON, DC–GIC, Singapore's sovereign wealth fund has recapitalized two offices in the Washington DC area owned by Beacon Capital Partners and invested with the company in a third, for a total of more than $1.05 billion.
The three properties are
- Lafayette Centre, a 789,000 square foot multitenant complex of three buildings located in the Central Business District;
- Pentagon Center, a 912,000 square foot complex of two buildings in Crystal City that are fully-leased for the long term to the US General Services Administration;
- Terrell Place, a 426,000 square foot complex of three interconnected buildings in the East End.
The first two deals were structured as joint ventures. For the Terrell Place financing, GIC separately invested alongside an existing Beacon-sponsored fund.
The deal closed on Wednesday night.
The three properties will give GIC some scale to continue to invest in the Washington DC area, according to Adam Gallistel, regional head of Americas.
“We believe in the long-term strength of the DC metro area,” he said in a prepared statement.
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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.
