WASHINGTON, DC–Reports and rumors of trades are coming thick and fast as the year comes to the close. Here is a roundup of some of the deals about which we have heard.
ASB Real Estate Investments has acquired 77 P St., NE, for $186.3 million or $544 per square foot from Brookfield Asset Management. The 342,411 square foot building is about 99% occupied by the District of Columbia government and its parcel includes about 500,000 square feet of development potential. In another office deal, Principal RE Investors has acquired 601 New Jersey Ave., NW, for $175 million, or $681 per square foot. 900 G St., NW is rumored to be trading at $144 million, or a whopping $1,274 per square foot.
There have been a flurry of hotel transactions as well.
The 317-unit Hyatt Centric Arlington is trading for $81 million, or $255,521 per unit to Sotherly Hotels. The 219-key Embassy Suites Springfield has traded to Chatham Lodging Trust for $68 million or $310,502 per key. Standard Property Co. has snagged Park Shirlington for $66.8 million, or $227,041 per key. Finally, the Chevy Chase Pavilion hotel is rumored to be trading, although the supposed price is not being circulated.
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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.
