The details of the new lease have not yet been released by the GSA; GlobeSt.com will follow-up this article when the information becomes available. Typically, the GSA guarantees the first half of its lease and the remainder is cancelable without penalty. The annual lease rate for the GSA's current leasehold on the building, which expires Nov. 1, 2010, is $4.78 million, fully serviced.
The building owner is UrbanAmerica LP, a minority-controlled real estate private equity fund whose investors are primarily public and private pension plans. It acquired 1325 J St in December 2008 along with 12 other office buildings and a distribution center for $485 million. The rentable square footage in the deal was approximately 3.1 million.
Timothy Hutchens, Jim King and Ali Nadimi of CB Richard Ellis represented the building owner in the transaction.
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