WASHINGTON, DC—Republic Square, a 385,598-square foot office at 25 Massachusetts Ave., is trading for $307 million, or $796 per square foot, a source has told GlobeSt.com. The news was also reported in The Washington Business Journal.
The buyer is the JV between TIAA-CREF and Norges Bank Investment Management, the manager of the Norwegian Government Pension Fund Global.
This partnership has acquired two major properties in the city over the past several months. In November they acquired Capitol Hill's Hall of States for $165 million, or $271 per square foot. In October the JV acquired The PNC Financial Services Group's trophy office building located at 800 17th St. for $392 million, or $1,075 per square foot.
Their newest acquisition is also located on Capitol Hill.
Republic Square I is a nine-story plus concourse level, office building with additional retail space and four levels of subterranean parking. Its second phase will be a roughly 200,000-square-foot building slated for completion in 2016, according to the Republic Cos.' website.
GlobeSt.com also learned that Morgan Stanley is the lender in this transaction, proving the buyers a $153 million loan. We have reached out to Republic and the TIAA-CREF JV for confirmation of these details. We will update the story with more information when it becomes available.
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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.
