{"id":1004027915,"date":"2011-03-20T23:09:56","date_gmt":"2011-03-21T07:09:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004027915"},"modified":"2022-12-06T22:19:11","modified_gmt":"2022-12-07T06:19:11","slug":"icg-jbg-strike-two-property-101-5m-d-c-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/icg-jbg-strike-two-property-101-5m-d-c-deal\/","title":{"rendered":"ICG, JBG Strike $101.5M D.C. Deal"},"content":{"rendered":"

March 21, 2011
\nBy Barbra Murray, Contributing Editor<\/p>\n

\"\"<\/a><\/p>\n

The transaction volume in the Washington, D.C., office market continues to climb and a two-property, $101.5 million deal between ICG Properties and The JBG Cos. has just increased the number. <\/p>\n

For starters, ICG sold the 280,000-square-foot Georgetown Center to JBG. ICG had owned the complex since acquiring its two six-story buildings in separate transactions years apart. The company bought Georgetown Center II, a 23-year-old structure encompassing 180,000 square feet at 2115 Wisconsin Ave., in 2002 in a joint venture with Fidelity Real Estate Group, and later acquired Fidelity’s interest in a $40 million recapitalization in 2004. In 2006, ICG purchased the 51-year-old, 100,000 square-foot Georgetown Center I at 2121 Wisconsin Ave. for $22 million. Currently, Georgetown Center is 92 percent leased with Georgetown University and MedStar Health taking up much of the tenant roster.<\/p>\n

JBG did not just snap up Georgetown Center and wave goodbye to ICG. The companies will be partners in the ownership of 1601 K St. The two-part ICG-JBG transaction, orchestrated by commercial real estate services firm Cassidy Turley on behalf of ICG, involved JBG’s recapitalization of the 80,000 square-foot office building. ICG had purchased the 55-year-old property in a partnership with Fidelity in 2002, and acquired its partner’s stake in 2004 in a $24 million recapitalization. Presently, occupancy at the eight-story 1601 K is 87 percent. <\/p>\n

Metropolitan Washington, D.C., was second to New York in office transactions in 2010 with $4.3 billion in sales, according to a Cassidy Turley report. In the District, excluding Northern Virginia and suburban Maryland, the $2.6 billion in sales involved 22 transactions, marking a year-over-year increase of 80 percent. “After a strong 2010 for office sales, we expect this momentum to continue into 2011,” Cassidy Turley noted in the report. <\/p>\n

And 2011 has not disappointed so far. Deals in the last few weeks alone include Wells Real Estate Investment Trust II’s agreement to buy the 679,700 square-foot Market Square complex for $615 million; Lincoln Property Co.\u2019s $140 million purchase of the 279,000 square-foot 2300 N St., and CoStar Group Inc.’s disposition of its 169,500 square-foot headquarters at 1331 L St. in a $101 million sale-leaseback transaction. As per Cassidy Turley, “2011 will likely be a year in-line with the historical average of $5.4 billion in sales volume metro-wide.”<\/p>\n","protected":false},"excerpt":{"rendered":"

ICG Properties first sold the 280,000-square-foot Georgetown Center to JBG Cos. The two companies then struck a partnership deal on ownership of 1601 K St.<\/p>\n","protected":false},"author":936,"featured_media":1004027916,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,11,21742],"tags":[],"class_list":["post-1004027915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-midatlantic","category-latest"],"acf":[],"yoast_head":"\nICG, JBG Strike $101.5M D.C. Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/icg-jbg-strike-two-property-101-5m-d-c-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ICG, JBG Strike $101.5M D.C. Deal\" \/>\n<meta property=\"og:description\" content=\"ICG Properties first sold the 280,000-square-foot Georgetown Center to JBG Cos. 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