No dollar amount was disclosed. JBG will maintain some interest in the portfolio, and will continue to oversee ownership and management activities. For Blue Capital, the deal allows the company to further implement its strategy of making long-term investments in properties located in strong metropolitan markets in the US. JBG plans to reinvest proceeds from the transaction into development endeavors.
The properties include Rockville's 5625, 5635 and 5640 Fishers Lane, 12725 and 12735 Twinbrook Pkwy., and Chase Tower at 4445 Willard Ave. in Chevy Chase. They are 100% occupied. "This is a win-win deal for Blue Capital and JBG," says Benjamin B. Lacy, chairman of Lacy Ltd, which represented Blue Capital. He said the deal gives Blue Capital and its investors in Germany "a safe and secure, long-term investment and gives JBG and Blue Capital the opportunity to form a relationship to do more business together."
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