WASHINGTON, DC-Norcross, Georgia-based Wells Real Estate Investment Trust II Inc. has signed a contract to purchase the Market Square complex located at 701 and 801 Pennsylvania Ave. NW from Boston-based Beacon Capital Partners LLC for $615 million or about $904 per square foot. The REIT is planning to complete the acquisition on March 10.
The two-building complex sits on a 2.2-acre site and includes office and retail space measuring 679,710 square feet. Eastdil Secured LLC of New York represented the seller.For the full story, go to Washington Business Journal.
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