WASHINGTON--(BUSINESS WIRE)--Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $259 million sale of 1325 and 1341 G Street, two Class A office buildings totaling 440,419 square feet in Washington, D.C.’s East End submarket.
HFF arranged the sale of the property on behalf of the sellers, Westbrook Partners, LLC and TIER REIT, and procured the buyer, UNIZO Holdings Company, Limited, on an off-market basis.
1325 and 1341 G Street are located just two blocks from the White House and one block from the Metro Center metrorail station providing public transit to the entire D.C. area. 1325 G Street, which features 307,705 square feet, was originally built in 1969 and renovated in 2017. Originally built in 1903, 1341 G Street NW (The Colorado Building) has also been updated and has 132,714 square feet of office and retail space.
In June 2015, HFF arranged a joint venture between Westbrook Partners and TIER REIT on an off-market basis. The new venture undertook a significant repositioning – including a lobby renovation – and in so doing achieved approximately 150,000 RSF of leasing activity, thereby increasing occupancy and the weighted average remaining lease term significantly. In conjunction, the seller also significantly improved the tenant profile offered by the assets.
The HFF investment sales team representing the seller was led by Andrew Weir, Stephen Conley, Jim Meisel, Dek Potts and Matt Nicholson.
About Westbrook Partners
Westbrook Partners ("Westbrook"), founded in April 1994, is a privately-owned, fully integrated real estate investment management company with offices in New York, Boston, Washington, D.C., Palm Beach, San Francisco, Los Angeles, London, Munich, Paris and Tokyo. Westbrook's professionals are responsible for acquisition, value enhancement, financial accounting and risk management.
Westbrook's experience includes the operation and management of office, multi-family residential, hotel, retail, industrial and single-family residential development properties. Westbrook's professionals have been among the world's most active and successful investors, having raised and invested more than $14 billion of equity in over $50 billion of real estate transactions in major markets throughout the world. Westbrook's investment equity is committed by a broad, stable base of the highest-quality institutional investors, which includes public and private pension funds, endowments, foundations, and financial institutions. Westbrook has full discretion over all investment decisions.
About TIER REIT
TIER REIT, Inc. is a publicly traded (NYSE:TIER), self-managed, Dallas-based real estate investment trust focused on owning quality, well-managed commercial office properties in dynamic markets throughout the U.S. TIER REIT’s vision is to be the premier owner and operator of best-in-class office properties in TIER1 submarkets, which are primarily higher density and amenity-rich locations within select, high-growth metropolitan areas that offer a walkable experience to various amenities. Our mission is to provide unparalleled, TIER ONE Property Services to our tenants and outsized total return through stock price appreciation and dividend growth to our stockholders.
For additional information regarding TIER REIT, please visit www.tierreit.com or call 972.483.2400.
UNIZO (www.unizo-hd.co.jp/en/) is a listed real estate company based in Tokyo.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.