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 and located in the Crystal City submarket of Arlington, Va., adjacent to the Pentagon and Ronald Reagan Washington National Airport. An affiliate of Beacon Capital Partners will continue to manage the buildings.
Washington, D.C., saw a decline in office leasing velocity last year caused by uncertainty from the presidential election. The market r