Tier REIT Sells DC Buildings to Westbrook

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.

For more news and information visit Blumberg Partners.

2050 Main in Irvine Sold for $108.5M

AEW Capital Management announced that is had purchased the 13-story office building at 2050 Main Street in Irvine, CA for $108.5 million, or roughly $345 per square foot, according to a CoStar report. AEW bought the property on behalf of one of its institutional clients from a joint venture of Westbrook Partners, Walton Street Capital and Greenlaw Partners. AEW was self-represented in the transaction while the seller was represented by Eastdil Secured.

"We are very pleased with the acquisition of 2050 Main St.," said Daniel Bradley, AEW director, in a statement. "It is considered a high-quality trophy property in a premier location with high tenant demand. In addition, its pending LEED Gold Certification will help solidify the property's top-tier status."

The 315,000 square foot office building was built in 2007 and was reportedly 80% leased at the time of sale. 2050 Main Street is part of the Irvine Concourse Corporate Center, a development comprised of 10 office towers, hotels, a health club and three restaurants, in the Orange County John Wayne Airport submarket.

For more news and information visit Blumberg Capital Partners.