Former Behringer Harvard REIT Bids District Adieu
- Jul 09, 2015
Tier REIT is leaving the District. The Dallas-based company formerly known as Behringer Harvard REIT Inc. sold its last two office properties in the area.
The Washington Business Journal reports that Tier has sold the historic Colorado Building at 1341 G St., N.W., and the larger property at 1325 G St., N.W., to New York City-based Westbrook Partners for a total of $202 million.
Tier purchased the Colorado Building in 2004. According to PropertyShark, it paid $44 million for the 127,000-square-foot asset. On its website, Tier describes the Colorado Building as “one of the few category III landmark office buildings in the District of Columbia.” The property was constructed in 1903 and renovated in 1989 and 2002. Tier sold the Colorado Building to Westbrook for $50 million; PropertyShark placed the property’s current market value at $38.7 million.
The 10-story office building at 1325 G St. was constructed in 1969 and redeveloped in 1997. It offers more than 306,000 square feet of space and is LEED Gold certified. PropertyShark reports that Tier purchased it in 2005 for $135.5 million. The Dallas-based REIT sold it for $152 million, almost $20 million more than the property’s $133.8 million market value.
While Tier has officially left the District, it still owns one more office building in the D.C. area: a 60,000-square-foot property located at 801 Thompson Ave. in Rockville.
Photo credit: Tier REIT