Warner Building
WASHINGTON, DC–JBG Smith has been on a sales spree in recent months, selling off assets that in some cases it inherited from Vornado Realty Trust. It's latest transactions: it has signed a contract for the Warner Building for $380 million, and it has sold an office-and-lab portfolio in Rockville, Md.
Real Estate Alert first reported the pending sale of the Warner Building, a 613,000-square foot office at 1299 Pennsylvania Ave., NW. GlobeSt.com confirmed the details from another source. The REIT is selling the property to CBRE Global Investors for $620 per square foot. It last traded in October 2010 for $445 million. The building is almost fully occupied and has about 57,133 square feet of street level retail.
Its other transaction was the sale of 5625 Fishers Lane and 12735 Twinbrook Parkway, a two-building, Class A office and lab portfolio totaling 229,905 square feet in Rockville. JBG Smith owned the properties in a JV with Wealthcap. HFF brokered the transaction, representing the sellers, and arranged acquisition financing for the buyer.
The properties were constructed in 2004 as a build-to-suit for the National Institutes of Health, which occupies the entire facility. The Johns Hopkins Montgomery County campus and the University of Maryland Institute for Bioscience and Biotechnology Research are located nearby. The buildings are within walkable distance to Metro.
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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.
