LOS ANGELES--(BUSINESS WIRE)--Saban Real Estate today announced its affiliate (“SRE”) has completed the sale of a 14-property office portfolio for $430 million. The portfolio totaled 1.48 million square feet in eleven states and at the time of sale was approximately 94% leased to the federal government and 99% leased overall. Additionally, SRE today announced the acquisition of 250 E St. SW, a 340,000 square feet Class A office building in Washington D.C.
“The 14-property sale completes an eight-year journey with this portfolio for Saban Real Estate,” said Philip Han, Chief Investment Officer at Saban Capital Group. “We are proud of the work we did and value we added throughout the portfolio over the last several years, including leasing over 1.5 million square feet to the federal government in eight of eleven GSA regions.”
“250 E St. is a great addition to our recent acquisition at 425 “I” St., NW, also in Washington D.C.,” said Bowen Hsu, Managing Director for Saban Real Estate. “Together with our existing assets, including the EPA headquarters building in Denver, we believe we own a unique, high-quality, national GSA portfolio that we look forward to continuing to upgrade and grow.”
About Saban Real Estate
Saban Real Estate and its affiliates operate in three segments: student housing where it owns a portfolio of 30 properties containing approximately 20,000 beds; government office where it owns and operates a portfolio of 7 properties with approximately 1.4 million square feet; and lastly in the self-storage space where it owns a portfolio of 34 properties with in excess of 19,000 storage units.