FAIRFAX, VA-GE Capital Real Estate, on behalf of Great Oak LLC, acquired for $25,150,000 a 138,723-sf suburban office building here. J.P. Morgan owned the property for 11 years and had re-tenanted it with a diverse tenant roll. The property was 99% occupied at the time of the sale.

GE Capital expects to maintain that occupancy while rolling below market rent leases to market rents. “This institutional grade property will provide a nice, stabilized yield,” says David Chortek of GE Capital.

The real estate acquisition group of GE Capital Real Estate anticipates closing $200 million in 2000 and expects to close in excess of $400 million in 2001. It actively sourcing new deals including suburban office, grocery anchored shopping centers, industrial (no large single-tenant boxes) and multifamily properties on a national basis.

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