WASHINGTON, DC–Westbrook Partners and TIER REIT have closed on their $259 million sale of 1325 and 1341 G St., NW.
HFF's Andrew Weir, Stephen Conley, Jim Meisel, Dek Potts and Matt Nicholson arranged the off-market sale of the two East End buildings, procuring the elusive yet very prolific foreign investor Unizo Holdings Co.
With the sale complete, Dallas, Texas- based TIER REIT has exited the Washington, DC market. It owned a 10% interest in the G Street portfolio as it was sometimes called, having sold a 90% interest in the properties in June 2015 when HFF arranged an off-market joint venture between it and Westbrook Partners.
The new venture repositioned the buildings, generating approximately 150,000-square feet of leasing activity. 1325 G St., NW, a 307,705-square foot office, was built in 1969 and renovated this year. Originally built in 1903 and also updated, 1341 G Street NW, has 132,714 square feet of office and retail space.
WASHINGTON, DC–Westbrook Partners and TIER REIT have closed on their $259 million sale of 1325 and 1341 G St., NW.
HFF's Andrew Weir, Stephen Conley, Jim Meisel, Dek Potts and Matt Nicholson arranged the off-market sale of the two East End buildings, procuring the elusive yet very prolific foreign investor Unizo Holdings Co.
With the sale complete, Dallas, Texas- based TIER REIT has exited the Washington, DC market. It owned a 10% interest in the G Street portfolio as it was sometimes called, having sold a 90% interest in the properties in June 2015 when HFF arranged an off-market joint venture between it and Westbrook Partners.
The new venture repositioned the buildings, generating approximately 150,000-square feet of leasing activity. 1325 G St., NW, a 307,705-square foot office, was built in 1969 and renovated this year. Originally built in 1903 and also updated, 1341 G Street NW, has 132,714 square feet of office and retail space.
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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.
