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JUNE 26, 2013

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IN-DEPTH LOOK: Principal Real Estate Investors and Simone Investment venture acquires Washington Harbor

by Ross Dohrmann

 

Principal Real Estate Investors and Korean pension funds advised by Simone Investment have formed a joint venture to buy Washington Harbor complex from MRP Realty and Rockpoint Group. The two-building complex in Washington, D.C., will sell for approximately $360 million.

THE DEAL

A joint venture between Principal Real Estate Investors and Simone Investment will purchase the 532,601-square-foot Washington Harbor mixed-use complex located in the Georgetown submarket of Washington, D.C. The transaction with sellers MRP Realty and Rockpoint Group has a sales price of approximately $360 million, or roughly $676 per square foot, according to Real Capital Analytics (RCA). The sale of the property come

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