Morgan Stanley buys stake in D.C. office
Morgan Stanley’s Prime Property Trust has acquired a 64 percent partial interest in Lafayette Tower in Washington, D.C. The transaction valued the building at approximately $229 million, or $936 per square foot. The 244,812-square-foot office building was sold by Property Group Partners and W.R. Berkeley. W.R. Berkekey, and Property Group Partners acquired the development site for $80 million. The site was part of a $48 million development project, which was completed in 2009. Lafayette Tower was designed by Pritzker Prize–winning architect Kevin Roche. The 11-story free-standing glass building was the first commercial office building in Washington, D.C., to receive the LEED Platinum rating. Tenants include Fried Frank, Holland & Knight, Drexel University, Au Bon Pain and TD Bank.