WASHINGTON, DC—Multi-Employer Property Trust has sold a stake in the crown jewel of its local portfolio -- the 980,000-square foot Patriots Plaza Complex.
One of Germany's largest pension funds, Ärzteversorgung Westfalen-Lippe, acquired a "significant interest" in the three-building complex, according to MEPT, which announced the recapitalization with its advisor, Bentall Kennedy. As part of the transaction, Allianz Real Estate of America provided a $237 million 10-year, fixed-rate,first mortgage loan. Genesis International represented ÄVWL. MEPT was represented by Eastdil Secured.
In October, we reported that two sources had told us that MEPT and Bentall Kennedy were selling a stake in Patriots Plaza and the purchase price for the 50% share was to be $450 million or $459 per square foot.
Located at 355, 375, 395 E streets SW, Patriots Plaza was developed by MEPT and Trammell Crow Company in three phases. Patriots Plaza I, a 280,001-square foot, twelve-story office building was completed in 2005 and Patriots Plaza Phases II and III, encompassing 701,589 square feet in two buildings, were completed in 2009.
Today the complex is approximately 90% leased.
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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.
