Tier REIT sells two Washington, D.C., offices for $200m
Dallas-based Tier REIT, formerly Behringer Harvard REIT I, has sold a 90 percent stake in a pair of CBD office buildings located in Washington, D.C., a couple of blocks from the White House, for approximately $200 million, according to Real Capital Analytics.
The new owner of the historic 125,00-square-foot Colorado Building at 1341 G St. NW, selling for $50 million, and the class B 306,563-square-foot 1325 G St. NW, selling for $150 million, is New York–based Westbrook Partners. Tier REIT will retain a 10 percent ownership in the buildings.
Tier REIT purchased the 11-story Colorado Building in 2004 for $44 million and the other 10-story office in 2005 for $134.8 million.
According to the Washington Business Journal, after the sale Tier REIT’s only remaining D.C.-area asset is a