TIER REIT, a Dallas-based real estate investment trust focused on commercial office real estate formerly operating as Behringer Harvard REIT I Inc., has sold two buildings in Washington, DC to Westbrook Partners in a package deal worth more than $200 million. The sale of the properties exits TIER REIT from the Washington market as these were their only two portfolio properties in the District.
Behringer Harvard acquired the 127,000-square-foot Colorado Building in August 2004 for $44 million, according to a Washington Business Journal article. In October 2005, it bought the 306,000-square-foot 1325 G for $135.5 million. At the time, CoStar quoted Behringer Harvard Chairman Robert Behringer as saying "we have a potential opportunity to enhance the value of these assets by ultimately selling them as a portfolio."
The first property at 1341 G Street, known as the Colorado Building, is one of the few category III landmark office buildings in the District of Columbia. The building was originally constructed in 1903, then renovated 1989 and 2002 with more than 127,000 square feet of rentable space. The second property is on the same block close to the White House at 1325 G Street, with 306,563 square feet of space in a building that was awarded BOMA 360 designation in 2011.
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