Washington, DC Still Setting Pace for US Office Sector
Thursday, June 23, 2011
Source: Reuters
Reuters reports: Yet another prime office building has traded in Washington, DC, serving as a reminder that the Capitol office market’s recovery has not run out of steam. The latest deal to close was for the 12-story Liberty Place, which Beacon Capital Partners sold to Paramount Group Inc for $139 million, or $870 per-square-foot. The building is located just steps from Capitol Hill on the National Mall, at 325 Seventh St NW.
Of Beacon’s sale, Real Capital Analytics Managing Director Dan Fasulo told Reuters that, “It's been amazing how much cap rate compression we've seen for prime assets in D.C. and Manhattan…It's clear to me that the last several trades have come in at sub 5 cap rates, which is aggressive."
View the full article on Reuters: Washington, DC Still Setting Pace for US Office Sector
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Posted by: Nina Turner