PRP To Focus On Building Net Lease Office Holdings

Sequoia Plaza

WASHINGTON, DC–PRP is planning to step up its focus on increasing its portfolio of net lease office holdings and has taken two recent steps in that direction. One, it has acquired Sequoia Plaza I, II & III in Arlington, Va., for $151.5 million from Foulger-Pratt. The company partnered with Riyiad Capital and GMF Capital to acquire the properties and said, when the deal was announced last week, that “the buildings represent a unique opportunity for PRP to add to its growing net lease office portfolio.”

More recently it has appointed Joseph Neckles as a managing director focused on originating single-tenant office and industrial acquisition opportunities. Neckles will be located in PRP’s newly-opened New York City office at 800 Third Avenue.