The Canada Pension Plan Investment Board (CPPIB) announced a joint venture with Vornado Realty Trust wherein CPPIB acquired a 45% ownership interest in two Washington, DC properties for $91 million according to a CoStar report. CPPIB made an equity investment to assume 45% of the existing mortgage indebtedness for 1299 Pennsylvania Avenue (the Warner Building) and 1101 17th Street NW, two prime office properties in Washington D.C. owned by Vornado. Vornado Realty Trust said, "We are pleased to have CPPIB, one of the world’s most prominent institutional real estate investors, as a new partner in these two buildings. Like us, they primarily focus on top quality properties in major U.S. cities."
The Warner Building, is a 13-story class A office building with over 600,000 square feet of space located some three blocks east of the White House. The building also includes the historic Warner Theatre, a 1,850-seat theatre that has been restored to its original grandeur. 1101 17th Street NW is a 13-story office building containing over 200,000 square feet on the North East corner of L Street and 17th Street NW in Washington’s commercial/business district.
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