CBRE Global Investors acquires D.C. office for $377m

JBG SMITH has sold The Warner Building in Washington, D.C., to CBRE Global Investors for $376.5 million.

The Warner Building is a 583,453-square-foot office building, located at 1299 Pennsylvania Ave. NW in the East End submarket of Washington, D.C. JBG SMITH had a 55 percent ownership interest in the building, which was 98.3 percent leased as of Sept. 30, 2018.

“With the sale of The Warner Building, we have closed over $760 million of asset sales and recapitalizations, the proceeds of which will be used to deleverage our balance sheet and create capacity for future investment opportunities,” said JBG SMITH CEO Matt Kelly. “We plan to continue to capitalize on the current environment to raise attractively priced capital.”