Wells Real Estate Investment Trust II, also known as Wells REIT II, announced this week that it had signed a purchase and sale agreement for a 679,710 square foot office complex in Washington, DC for approximately $615 million excluding closing costs according to a National Real Estate Investor article. The deal is expected to close early this month as Wells takes ownership of the property from an affiliate of Beacon Capital Partners.
Built in 1990, the thirteen-story office property known as Market Square is a class A office property located on Pennsylvania Avenue between the U.S. Capitol and the White House. The property is certified LEED silver and is ENERGY STAR rated, and serves as headquarters of leading global law firms, Fulbright & Jaworski, Shearman and Sterling and Mintz Levin. Renowned FORTUNE 500 companies represented on the tenant roster include Procter & Gamble, Novartis, AstraZeneca, Bayer Corporation, Florida Power & Light and Waste Management.
Jones Lang LaSalle’s Scott Homa noted of the DC marketplace that "...year-to-date, the Metro DC market has tallied 21 transactions for $1.5 billion. Twelve of these deals accounting for $1.25 billion were concentrated in Downtown Washington, DC. In 2010, it took the metro area as a whole until June 2010 to reach the $1.5 billion it has registered in the first two months of this year."
For more news and information visit Blumberg Capital Partners.
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