WASHINGTON, DC-Clarion Partners has nabbed The Portrait Building in the East End, paying $98.5 million for the 134,240-square foot office building, which is 90% leased.
The Portrait Building is located close to Chinatown, which is undergoing a lot of development now. It is also close to the new CityCenter, which is located about two blocks away. "This vibrant area offers a robust base of amenities that includes both retail and residential features," said Marc DeLuca, managing director at Clarion Partners, in a prepared statement. "The new CityCenter is under construction just two blocks away, and we expect it to create an even higher level of amenities in the area."
Late last year, Clarion advised an institutional investor on the $700 million purchase of Constitution Center. MetLife and an institutional investor bought the 1.4-million-square foot office trophy.
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