LOS ANGELES--(BUSINESS WIRE)--Saban Real Estate today announced its affiliate (“SRE”) has completed its acquisition of 425 “I” St. NW, a 370,000 sf Class A office building in Washington D.C.
“We are pleased to be expanding our existing portfolio of Class A office properties leased to the U.S. government,” said Philip Han, Chief Investment Officer at Saban Capital Group. “We are particularly excited to enter the Washington D.C. market, and look forward to expanding our presence and footprint in the nation’s capital.”
“425 “I” is a great addition to our real estate portfolio in a core, coastal market at an attractive basis,” said Bowen Hsu, Managing Director for Saban Real Estate. “We look forward to executing on the value add opportunity at 425 “I” and to continuing to grow our Class A office portfolio.”
SRE was represented by HFF in securing financing from EagleBank, a community bank headquartered in Bethesda, Maryland. HFF’s team was led by Cary Abod.
Jim Meisel of HFF represented the seller in the transaction.
About Saban Real Estate
Saban Real Estate and its affiliates operate in three segments: Student housing where it owns a portfolio of 31 properties containing approximately 20,000 beds; Government office where it owns and operates a portfolio of 12 properties with approximately 1.5 million square feet leased to the U.S. government; and lastly in the self-storage space where it owns a portfolio of 33 properties with in excess of 19,000 storage units.
About EagleBank
With over $7.8 billion in assets and over 20 offices, EagleBank is the largest community bank in the Washington, DC Area. The bank is focused on serving the business community and creating loyal customer relationships that are based on trust, and a shared sense of pride and dedication to the growth and wellbeing of our community.