According to a prepared statement by Managing Director Robert Greer, the sale of the 252,613-square-foot, class-A office building supports ING Office Fund's strategy of selectively rebalancing its portfolio, while also gaining additional liquidity for future investment opportunities.
The eight-story building was constructed in 2001 and serves as headquarters for non-profit Noblis. It is situated on 16 acres in Fairview Park, home to many major corporations. "The quality of Noblis' headquarters building allows the Fund to exit at attractive pricing in today's marketplace," Greer says.
Like many erstwhile regular investors, ING Clarion's participation in the DC market has slowed in response to the recession and credit crunch. In one of its last major deals last year ING Clarion acquired 1111 19th St. NW on behalf of clients, for $115 million from the Blackstone Group.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
