Some Real Estate Deals Are Still Getting Done
Despite turmoil in the debt markets leaving many buyers of commercial property uncertain, some premium purchases are getting done in Washington.
The Los Angeles-based CIM Group paid the investment bank J.P. Morgan $262 million for two buildings and an adjacent plot of land near Union Station, the commercial real estate firm Jones Lang LaSalle said earlier today.
The two buildings, known as Union Square, were put on the market in late August, during the throes of the credit crunch.
"Buyers have trouble making decisions and figuring out exactly where the market is right now, so it is was much, much tougher to get buyers to the table," said John Kevill, a broker with Jones Lang LaSalle who helped negotiate the deal.
Nevertheless, the sale shows that, "even in a tough market, marquee deals in Washington D.C. can get done," he said.
The two buildings, at 825 and 941 North Capitol Street NE, are occupied by offices of the District of Columbia's government and public schools, Kevill said. J.P Morgan bought the buildings in 2006 for $235 million from the local Akridge Co.
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