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WASHINGTON, DC-Lend Lease Real Estate Investments Inc. hands over two downtown office properties accounting for 215,000 sf to AEW Capital Management for $48.125 million. Lend Lease acted on behalf of owner California State Teachers’ Retirement System, while AEW stood in for buyer Lucent Technologies Inc. Master Pension Trust.

The Class B structures at 1120 19th St. and 1990 M St., which offer approximately 109,000 sf and 105,000 sf respectively, were sold as a portfolio, with no separate prices indicated for each building. The former has a 2003 assessed value of $23 million and the latter is valued at $23.5 million.

“The Washington market is very strong right now,” Transwestern’s Investment Services Group senior director Gerry Trainor tells GlobeSt.com. Transwestern represented Lend Lease in the deal. “Bidding on the project was very competitive,” Trainor says, noting that the strong interest was not limited to domestic companies. “There were several interested groups that represented wealthy international organizations or families.”

Both eight-story buildings have ground level retail space and indoor parking, and are 97% leased, on average. 1120 19th was built in 1975 and is home to tenants such as law firm Womble, Carlyle, Sandridge & Rice, Washington Occupational Health Associates and Population Services International. The 31-year-old structure at 1990 M St. counts the Embassy of the Republic of Mozambique and law firm Pollock, VandeSande & Priddy among its leaseholders.

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