Thomas Properties Group Inc. announced that its affiliate, TPG/CalSTRS LLC, has completed the sale of the 421,859-sq.-ft. property known as Centerpointe I & II in Fairfax, Va. to a joint venture between Carr Properties and an institutional investment partner.
The gross sale price was $128.7 million and the purchaser was credited with cash proceeds of $3.0 million to fund certain post-closing capital improvements. TPGI received net proceeds from the sale after debt repayment and closing costs of approximately $5.3 million.
“Our strategic plan announced earlier this year includes pruning selected properties and reinvesting proceeds from those sales in properties with repositioning opportunities and/or greater internal growth,” Thomas Chairman & CEO Jim Thomas said in statement. “This quarter’s sales of Centerpointe I & II, 2500 CityWest Boulevard with adjacent land in Houston and a parcel of land in El Segundo have generated a combined $25.5 million in net proceeds to the company and demonstrate continued momentum in the execution of our plan. We are currently pursuing very attractive opportunities for the reinvestment of these proceeds.”
In a separate deal, also in the Washington, D.C. market, The Rockefeller Group (RGI), in a joint venture with Mitsubishi Estate New York (MENY), acquired 1100 First Street NE, a class-A office building located in the NoMa submarket of Washington from an affiliate ofTishman Speyer. Eastdil Secured represented the sellers. The purchasers represented themselves. The purchase price was not disclosed.
1100 First Street is a 12-story LEED Gold-certified office building developed in 2009 by Tishman Speyer and designed by Chicago-based architect Krueck & Sexton. The building is now 95 percent leased and major tenants include the Department of Veterans Affairs, the Federal Energy Regulatory Commission and Mathematica Policy Research.
"This transaction is consistent with The Rockefeller Group's announced strategy to seek well located, premier office assets in constrained markets which are experiencing strong economic recoveries," RGI President and CEO Kevin R. Hackett said in a statement.
The purchase is a joint venture with MENY as was the purchase of 1101 K Street NW in March of this year. The property at 1100 First Street features a free-standing design in a corner location at First Street NE and L Street NE with an all-glass curtain wall on the north and east facades.