MEPT sells stake in D.C. office for $220m
Bentall Kennedy, on behalf of the Multi-Employer Property Trust, is under contract to sell a 49 percent stake in Patriots Plaza I, II and III in southwest Washington, D.C. Real Capital Analytics estimates the price to be $220.5 million. The new owner is Genesis Financial Group.
The three-building campus, located at 395, 375, and 355 E St. S.W., combines the security features and first-class amenities most sought after by businesses and government agencies in the Washington, D.C., area.
It is 89 percent occupied. Major tenants include the Department of Agriculture, FBI, Surface Transportation Board, Federal Emergency Management Agency and Department of Health and Human Services.
MEPT built the office complex between 2005 and 2009. Phases I and III have been awarded an Energy Star la