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Posted at 11:00 AM ET, 05/17/2010

Buyer found for Washington Harbour

By Washington Post editors

MRP Realty is under contract to buy Washington Harbour from Prudential Real Estate Investors for more than $240 million, according to sources involved in the sale, the Washington Business Journal reports.

The deal for the Georgetown site, which includes 3000 and 3050 K St. NW, is set to close by the end of the month, sources say.

MRP and Prudential declined to comment.

Prudential paid $220 million for the waterfront property in 2004, according to land records, and put the property on the market in March.

The property has changed hands several times over the past decade or so, selling to Crescent Real Estate Equities in 1998 for about $305 a square foot, then to San Francisco-based Shorenstein in 2001 and to Prudential in 2004. Shorenstein paid $154.25 million, or $287 a square foot.

A $240 million price tag would come out to about $446 per square foot.

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By Washington Post editors  | May 17, 2010; 11:00 AM ET
Tags:  Business, Business and Economy, Real estate, Washington Harbour  
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