Tuesday, March 1, 2011

Market Square sold to Georgia-based Real Estate Investment Trust

Market Square, the iconic commercial, retail, and residential buildings that surround the Navy Memorial, has been sold, according to the Washington Business Journal.

The complex at 701 and 801 Pennsylvania Ave sold for $615 Million to a Georgia-based Real Estate Investment Trust called Wells, and the deal will close on March 15.

The seller and previous owner of the building was Boston-based Beacon Capital Partners.  They were encouraged to sell the buildings by lenders to pay down some of their debt.

$615 Million represents more than $900 per square foot, an astounding and rare figure that exemplifies the demand for our neighborhood.  That makes Market Square the third largest commercial real estate deal in Washington's history, topped only by Rosslyn Twin Towers, which houses Politico, and International Square, which houses the World Bankaccording to GlobeSt.com

Market Square has retail on the first level, then several stories of commercial office space, with penthouse condominiums on top. 

The buyer, Wells, also owns 80 M Street S.E. near the Nationals Stadium.

No comments:

Post a Comment