A real estate investment firm, Wells REIT II, has recently acquired a Class A office center for $615 million, not including closing costs, in downtown Washington DC. The investment firm recently signed a sale and purchase agreement for the iconic office center, Market Square, which is located at Pennsylvania Avenue between the White House and the United States Capitol.
Another investment firm has recently acquired an office property despite the “still-recovering” real estate market. KBS REIT acquired the office building — Two WestLake Park, which is located in West Houston. The amount of the property was undisclosed.
According to the president at Wells REIT, Nelson Mills in a prepared statement, the investment firm is proud for the office center acquisition. The office property is located in a prime location with a group of major and highly rated tenants, which are inline with Wells acquisition strategy, added Mills.
The seller of the office center, Avenue Associates Limited Partnership, is represented by Eastdil Secured, affiliate of Beacon Capital Partners.
The Class A office center consists of two thirteen storey office buildings. It was completed in 1990 and offers a great architectural design, which is considered as one of the state’s iconic buildings.
Market Square has also a LEED Gold Certification and Energy Star rates. It houses the leading law firms in Washington D.C including Mintz Levin, Shearman and Sterling, and Fulbright & Jaworski.
Other major tenants include in the Fortune 500 are Procter & Gamble, AstraZeneca, Novartis, Bayer Corporation, Edison Electric Institute — United Healthcare owner. The office center also houses the United States Navy Memorial.