Singapore investor buys D.C. office portfolio
GIC, Singapore’s sovereign wealth fund, has formed joint ventures with a group of investors including affiliates of Beacon Capital Partners to acquire more than 2.1 million square feet of office assets in the Washington, D.C., metro area totaling more than $1.05 billion in aggregate asset value.
One of the joint ventures includes the acquisition of Lafayette Center, an approximately 789,000-square-foot class A complex of three multi-tenant buildings located in the CBD, and Pentagon Center, an approximately 912,000-square-foot complex of two buildings fully leased for the long term to the U.S. General Services Administration located in the Crystal City submarket of Arlington, Va., adjacent to the Pentagon and Reagan National Airport. An affiliate of Beacon Capital Partners will continue to manage the buildings.
Separately, GIC invested alongside an existing Beacon-sponsored fund into Terrell Place, an approximately 426,000-square-foot class A office complex of three i