Blackstone buys D.C. office complex for $292m
The Blackstone Group has acquired a 49 percent interest in the Market Square East and West office complex in Washington, D.C., for $291.6 million.
The seller was Columbia Property Trust, formerly known as Wells Real Estate Investment Trust II.
Known as the Market Square Buildings, the East Tower contains 357,141 square feet at 701 Pennsylvania, and the West Tower includes 346,857 square feet at 801 Pennsylvania.
Blackstone previously owned the assets. It sold the twin office towers to Beacon Capital Partners as part of a $529 million multi-property portfolio in April 2007, following Blackstone’s acquisition of Equity Office Properties Trust. Beacon sold the office complex to Wells Real Estate Investment Trust II for approximately $615 million in 2011.
The acquisition follows Blackstone’s recently announced $6 billion purc