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Jul. 24, 2014

Carr, Invesco and JOSS Buy Capital-Area Office Properties

By Adrian Maties, Associate Editor

The capital region’s office market continues to hum this summer as investors pursue high-quality assets. At the beginning of July, First Potomac Realty Trust paid $41 million for 1775 Wiehle Ave., in Reston, a Class A property. Days later, Finmarc Management Inc. announced the $31.5 million acquisition of a two-building office portfolio in Alexandria. Now, three more notable office properties in the Washington, D.C. area have changed hands.

First, New York-based Skanska USA sold Arlington’s first LEED Platinum-certified office building to Invesco Advisers Inc., for $90 million. Located at 1776 Wilson Blvd., the property offers office space, retail space, a fitness center, and a green roof terrace.

Skanska completed the five-story building in November 2012. At the time of the sale, the building was 90% occupied. Its tenant roster includes LMO Advertising, National Association of Chain Drug Stores, U.S. Civil Research & Development Foundation, Black & Veatch Corporation, Pier 1 Imports, and 100 Montaditos.

Next to change hands was Georgetown Plaza at 2233 Wisconsin Ave. NW. Carr Properties sold the 150,097-square foot, five-story office building to an affiliate of JOSS Realty Partners for $26.9 million. Cushman & Wakefield Inc. represented the seller.

In a separate transaction, Carr acquired the James Monroe Building, a Class A property located at 2001 Pennsylvania Ave. NW in the city’s central business district. The $107.8 million acquisition was financed with the help of a $65 million, 10-year loan from Metropolitan Life Insurance Co. Developed in 1990, the 11-story building  offers 154,248 square feet of space and was fully leased at the time of closing.

“The sale of 2233 Wisconsin Avenue and the acquisition of 2001 Pennsylvania Avenue are part of our strategy to upgrade the quality of our portfolio by focusing on high-quality assets in Metro-accessible, amenity-rich submarkets,” said Oliver Carr, the firm’s CEO, in a statement.

Photo credits: Skanska USACarr Properties

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