Terrell Place, Washington, DC

February 24, 2017 Comments Off on GIC Teams with Beacon on $1B Deals Views: 716 National News, Top National Stories

GIC Teams with Beacon on $1B Deals

Singapore sovereign wealth fund GIC partnered with Beacon Capital Partners and other investors to acquire 2.1 million square feet of Washington, DC area properties. The deal has an aggregate value of $1.05 billion. The assets were part of an office portfolio Beach acquired from Blackstone in 2007 for approximately $6.4 billion.

Through one joint venture, GIC acquired the three-building, 789,000-square-foot Lafayette Centre at 1120 20th St. N.W., in D.C., and the 912,000-square-foot Pentagon Center on Hayes Street, in Arlington, VA. In a separate partnership, GIC and Beacon acquired the 424,000-square-foot Terrell Place at 575 7th St. in D.C.’s central business district. GIC and GE Pension Trust owned the asset since 2010, when it was acquired from Tishman Speyer for $230 million.

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