PGP did not announce the sales price but a source tells GlobeSt.com that it was trading for $389.3 million or $1,041 per square foot.

The GSE set up a pop up office just ahead of the Mortgage Bankers Association Small Balance Lending Summit.

WASHINGTON, DC--Deals and news from around the region.

Piedmont REIT plans to use the proceeds from the sale to pay down its line of credit and pay off a $140 million, 5.76% mortgage, which is eligible for prepayment without penalty in August.

"Deals like Stockbridge Capital Group's are few and far between. Country club and family office money -- that is the deepest source of regular equity in our asset class right now and it will probably stay that way for the foreseeable future."

StonebridgeCarras plans to release its development plans for the Bethesda project later this summer.

The sellers have a third asset that is closing next week.

As has been the trend of the last few years, foreign investment is driving investment sales for the DC area.