WASHINGTON, DC—GlobeSt.com has learned that a deal is pending in which the owner and developer of the Patriots Plaza I, II and III, the sprawling office complex on E St. in DC's southwest submarket, is selling a stake in the project. The price for the 50% stake is $450 million or $459 per square foot, according to two sources.
GlobeSt.com contacted the owner, Multi-Employer Property Trust and its real estate advisor, Bentall Kennedy, for comment. A spokesperson told us that "as standard policy that we may be in confidential discussions in many markets at any particular time and I would have to offer only that before closing we can neither confirm nor deny any report related to any potential transaction."
The buyer is described as a company that specializes in government-occupied real estate.
Built by MEPT between 2005 and 2009, the three building campus is located at 395, 375, and 355 E St. SW. The 981,116-square-foot office complex is overwhelmingly leased by government agencies.
MEPT is a $5.6 billion, open-end commingled real estate equity fund owned by more than 350 multi-employer, public employee and corporate pension plans. It is managed by NewTower Company. Bentall Kennedy serves as the real estate investment advisor.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
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.
