NNN Lease Market News
Wells Real Estate Investment Trust II Inc. is under contract to buy the iconic Market Square complex at 701 and 801 Pennsylvania Ave. NW for about $615 million, and the price, at $904.7 per square foot, sets a record for office building sales in the District.
The seller, Beacon Capital Partners LLC of Boston, put the property on the market in January after lenders reportedly encouraged Beacon to sell some assets to pay down its debt. New York-based Eastdil Secured LLC represented the seller.Beacon also is considering bringing to market 1211 Ave. of the Americas in coming weeks, for which the company would look to retrieve well above the $1.5 billion that it paid in 2006, according to people familiar with the matter.
Building owners in some office markets contrast sharply with the residential market, where home prices have declined for months.
Building owners in some office markets contrast sharply with the residential market, where home prices have declined for months.
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