{"id":1004122874,"date":"2015-07-09T06:04:12","date_gmt":"2015-07-09T14:04:12","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=354527"},"modified":"2020-04-06T22:49:26","modified_gmt":"2020-04-07T06:49:26","slug":"former-behringer-harvard-reit-bids-district-adieu","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/former-behringer-harvard-reit-bids-district-adieu\/","title":{"rendered":"Former Behringer Harvard REIT Bids District Adieu"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/07\/Colorado-Bldg-X-Nite-146-RGB-color.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-354529\" title=\"Colorado-Bldg-X-Nite-146-RGB-color\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/07\/Colorado-Bldg-X-Nite-146-RGB-color.jpg\" alt=\"Colorado Building\" width=\"278\" height=\"300\" \/><\/a>Tier REIT is leaving the District. The Dallas-based company formerly known as Behringer Harvard REIT Inc.\u00a0sold its last two office properties in the area.<\/p>\n<p style=\"text-align: justify;\">The <em>Washington Business Journal<\/em> <a href=\"https:\/\/www.bizjournals.com\/\" target=\"_blank\" rel=\"nofollow\" washington\/breaking_ground\/2015\/07\/two-downtown-office-buildings-sell-as-a-package.html?iana=ind_cre\">reports<\/a> that Tier has sold the historic Colorado Building at 1341 G St., N.W., and the larger property at 1325 G St., N.W., to New York City-based Westbrook Partners for a total of $202 million.<\/p>\n<p style=\"text-align: justify;\">Tier purchased the Colorado Building in 2004. According to <a href=\"https:\/\/www.propertyshark.com\/\" target=\"_blank\" rel=\"nofollow\">PropertyShark<\/a>, it paid $44 million for the 127,000-square-foot asset. On its website, Tier describes the Colorado Building as \u201cone of the few category III landmark office buildings in the District of Columbia.\u201d The property was \u00a0<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/07\/1325-G-Street-Washington-DC-066-color.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-354528 alignleft\" title=\"1325-G-Street-Washington-DC-066-color\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/07\/1325-G-Street-Washington-DC-066-color.jpg\" alt=\"1325 G Street\" width=\"278\" height=\"300\" \/><\/a>constructed in 1903 and renovated in 1989 and 2002. Tier sold the Colorado Building to Westbrook for $50 million; PropertyShark placed the property\u2019s current market value at $38.7 million.<\/p>\n<p style=\"text-align: justify;\">The 10-story office building at 1325 G St. was constructed in 1969 and redeveloped in 1997. It offers more than 306,000 square feet of space and is LEED Gold certified. PropertyShark reports that Tier purchased it in 2005 for $135.5 million. The Dallas-based REIT sold it for $152 million, almost $20 million more than the property\u2019s $133.8 million market value.<\/p>\n<p style=\"text-align: justify;\">While Tier has officially left the District, it still owns one more office building in the D.C. area: a 60,000-square-foot property located at 801 Thompson Ave. in Rockville.<\/p>\n<p style=\"text-align: justify;\"><em>Photo credit: <\/em><a href=\"https:\/\/www.tierreit.com\/\" target=\"_blank\" rel=\"nofollow\"><em>Tier REIT<\/em><\/a><em> <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tier REIT is leaving the District. The Dallas-based company has recently sold its last two office properties in the area.<\/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":[],"class_list":["post-1004122874","post","type-post","status-publish","format-standard","hentry","category-latest","category-washington-dc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Former Behringer Harvard REIT Bids District Adieu - 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\/former-behringer-harvard-reit-bids-district-adieu\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Former Behringer Harvard REIT Bids District Adieu\" \/>\n<meta property=\"og:description\" content=\"Tier REIT is leaving the District. The Dallas-based company has recently sold its last two office properties in the area.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/former-behringer-harvard-reit-bids-district-adieu\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-07-09T14:04:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-07T06:49:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/07\/Colorado-Bldg-X-Nite-146-RGB-color.jpg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/former-behringer-harvard-reit-bids-district-adieu\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/former-behringer-harvard-reit-bids-district-adieu\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"Former Behringer Harvard REIT Bids District Adieu\",\"datePublished\":\"2015-07-09T14:04:12+00:00\",\"dateModified\":\"2020-04-07T06:49:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/former-behringer-harvard-reit-bids-district-adieu\\\/\"},\"wordCount\":41,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/former-behringer-harvard-reit-bids-district-adieu\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/07\\\/Colorado-Bldg-X-Nite-146-RGB-color.jpg\",\"articleSection\":[\"News\",\"Washington D.C.\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/former-behringer-harvard-reit-bids-district-adieu\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/former-behringer-harvard-reit-bids-district-adieu\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/former-behringer-harvard-reit-bids-district-adieu\\\/\",\"name\":\"Former Behringer Harvard REIT Bids District Adieu - 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