WASHINGTON, DC-JBG Cos. has acquired a stake in a three-asset portfolio here owned by Westbrook Partners in New York and local firm ICG Properties. JBG has taken over Westbrook Partners’ share in these properties for a total of $101.5 million, as the life of the Westbrook fund that held the buildings was expiring, according to Cassidy Turley’s Jud Ryan, who, along with colleagues Bill Collins, Paul Collins, Drew Flood and James Cassidy, represented ICG Properties.
The assets were marketed separately but simultaneously, Ryan tells me. JBG opted to grab all three assets in a deal that broke down this way: it is now the majority owner of 1600 K St., a 86,606-square-foot office and retail building that is 87% leased with ICG its new partner and it is the full owner of Georgetown Center, two buildings located at 2121 and 2115 Wisconsin avenues, that are 92% leased. Ryan declined to discuss the valuations on an asset-by-asset basis, citing client confidentiality.
Westbrook and ICG have worked hard to lease up the properties during the downturn, Ryan says. “At 1600 K they put a lot of effort into repositioning the retail, which is a major component--15%--of the building.” Among other tenants, they brought on PJ Clarke’s, a restaurant from New York that set up its first DC location in the building in October 2010.
They also re-upped Fannie Mae and MedStar Health, two anchor tenants in Georgetown Center, occupying 2121 Wisconsin Ave. That building, with Georgetown University as another key tenant, is fully leased. The school also has space at 2112 Wisconsin Ave., with the occupancy here in the mid-80s, Ryan says. The two office buildings total 293,845 square feet.
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