{"id":1004101104,"date":"2014-07-24T07:42:57","date_gmt":"2014-07-24T15:42:57","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=277824"},"modified":"2020-05-18T23:17:13","modified_gmt":"2020-05-19T07:17:13","slug":"carr-invesco-and-joss-buy-capital-area-office-properties","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/carr-invesco-and-joss-buy-capital-area-office-properties\/","title":{"rendered":"Carr, Invesco and JOSS Buy Capital-Area Office Properties"},"content":{"rendered":"

By Adrian Maties, Associate Editor<\/em><\/p>\n

The capital region’s office market continues to hum this summer as investors pursue high-quality assets. At the beginning of July, First Potomac Realty Trust paid $41 million for 1775 Wiehle Ave.<\/em><\/a>, in Reston, a Class A property. Days later, Finmarc Management Inc. announced the $31.5 million acquisition<\/em><\/a> of a two-building office portfolio in Alexandria. Now, three more notable office properties in the Washington, D.C. area have changed hands.<\/p>\n

\"\"<\/a>First, New York-based Skanska USA sold Arlington\u2019s first LEED Platinum-certified office building to Invesco Advisers Inc., for $90 million. Located at 1776 Wilson Blvd., the property offers office space, retail space, a fitness center, and a green roof terrace.<\/p>\n

Skanska completed the five-story building in November 2012. At the time of the sale, the building was 90% occupied. Its tenant roster includes LMO Advertising, National Association of Chain Drug Stores, U.S. Civil Research & Development Foundation, Black & Veatch Corporation, Pier 1 Imports, and 100 Montaditos.<\/p>\n

Next to change hands was Georgetown Plaza at 2233 Wisconsin Ave. NW. Carr Properties sold the 150,097-square foot, five-story office building to an affiliate of JOSS Realty Partners for $26.9 million. Cushman & Wakefield Inc. represented the seller.<\/p>\n

In a separate transaction, Carr acquired the James Monroe Building, a Class A property located at 2001 Pennsylvania Ave. NW in the city’s central business district. The $107.8 million acquisition was financed with the help of a $65 million, 10-year loan from Metropolitan Life Insurance Co. Developed in 1990, the 11-story building offers 154,248 square feet of space and was fully leased at the time of closing.<\/p>\n

\u201cThe sale of 2233 Wisconsin Avenue and the acquisition of 2001 Pennsylvania Avenue are part of our strategy to upgrade the quality of our portfolio by focusing on high-quality assets in Metro-accessible, amenity-rich submarkets,\u201d said Oliver Carr, the firm’s CEO, in a statement.<\/p>\n

Photo credits: <\/em>Skanska USA<\/em><\/a>; <\/em>Carr Properties<\/em><\/a><\/p>\n

<<\/p>\n","protected":false},"excerpt":{"rendered":"

The Washington, D.C, office market continues to heat up. At the start of the month, First Potomac Realty Trust paid $41 million for the Class A office building at 1775 Wiehle Ave., in Reston. Just days later, Finmarc Management Inc. announced the $31.5 million acquisition of a two-building office portfolio in Alexandria. Now, three more office properties in the Washington, D.C. area have changed hands.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1615],"tags":[1815],"class_list":["post-1004101104","post","type-post","status-publish","format-standard","hentry","category-latest","category-washington-dc","tag-national"],"acf":[],"yoast_head":"\nCarr, Invesco and JOSS Buy Capital-Area Office Properties - 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\/carr-invesco-and-joss-buy-capital-area-office-properties\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Carr, Invesco and JOSS Buy Capital-Area Office Properties\" \/>\n<meta property=\"og:description\" content=\"The Washington, D.C, office market continues to heat up. At the start of the month, First Potomac Realty Trust paid $41 million for the Class A office building at 1775 Wiehle Ave., in Reston. Just days later, Finmarc Management Inc. announced the $31.5 million acquisition of a two-building office portfolio in Alexandria. 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