(Read more on the debt and equitymarkets.)
WASHINGTON, DC-ICG Properties, a local development andinvestment company, has recapitalized 75% of the equity in its DCportfolio, replacing a number of smaller equity players withWestbrook Partners, a spokesman for ICG tells GlobeSt.com. Thevalue of the recapitalization is $100 million and covers a majorityof the company's portfolio: the World Center Building at 1600 KSt.; 2115 and 2121 Wisconsin Ave.; Penn Branch Center; and therecently acquired 910 16th St. As reported by GlobeSt.comICG closed on a parcel of land and two buildings at the northwestcorner of 16th and Eye streets at the end of last month for anundisclosed price.
"This is an exciting opportunity for us," says David Stern, whoalong with Darik Elwan and Stylianos Christofides, is an ICGProperties principal. He tells GlobeSt.com that the firm is hopefulWestbrook will joint venture with it on future deals, in which bothsides would kick in additional equity.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
