WASHINGTON, DC—At least two more local assets will join the flurry of deals that have closed in recent days, a source tells us. Vornado Realty Trust has found a buyer for its stake in the Shops at Georgetown and 1625 K St., NW, called The CommonWealth Building, is trading for $46.3 million. Zuckerman Gravely is buying the latter asset from Shorenstein Properties, while Jamestown is acquiring Vornado's stake in the iconic Georgetown shopping center for $270 million. The companies in question have not confirmed these rumors.

In March, Vornado CEO Steven Roth said in an earnings call that the New York City-based REIT had put the asset on the market, retaining Eastdil Secured to market its 50% stake.

Angelo, Gordon, Vornado's partner in the property, acquired the Shops at Georgetown Park in a foreclosure auction for $61 million in 2010.

The 108,000-square foot CommonWealth building, which also has street retail, is 91% occupied. Tenants include Browdy & Neimark, National Petroleum Council and Capitol Hill Publishing. The last time it traded was in June 2006 for $35 million, when Shorenstein acquired it from GE Capital Real Estate.

Recent investment sales in the DC market include JOSS Realty Partners purchase of Georgetown Plaza at 2233 Wisconsin Ave., NW, for $26.8 million and Carr Properties acquisition of 2001 Pennsylvania Ave., NW for $107.7 million.

Also Skanska sold 1776 Wilson Blvd., in Rosslyn, Va., for $90 million to Invesco Advisers.

Instant Insights /

Next Up: Shops at Georgetown; 1625 K St.

Related Stories

Recommended For You