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Transactions - MARCH 24, 2014

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IN-DEPTH: Utah pension fund buys D.C. office

by Andrea Waitrovich

Utah State Retirement System has purchased a stake in an office building at 90 K St. NE in Washington, D.C. Here’s an in-depth look at the deal.

 

THE DEAL

The pension fund with its joint venture partner Cottonwood Partners Management paid approximately $196 million for Sentinel Square I, a 412,661-square-foot office building. The sellers were Trammell Crow Co. and its partner Crow Holdings Realty Partners IV, an entity of Crow Holdings. CBRE represented the sellers. The joint venture sellers placed Sentinel Square I on the market in September 2013.

Cottonwood Partners was a partner with the previous owners. USR bought a 54.9 percent

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