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Saban Sells 14-Office Portfolio for $430M, Adds DC Asset for $170M
An affiliate of Los Angeles-based Saban Real Estate reportedly completed the sale of a 14-property office portfolio to Washington, D.C.-based Easterly Government Properties for $430 million. The portfolio totaled 1.48 million square feet in 11 states, and at the time of sale was roughly 94% leased to the federal government and 99% leased overall.
Saban Capital Group’s Philip Han says, “The 14-property sale completes an eight-year journey with this portfolio for Saban Real Estate. 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 11 GSA regions.”
Properties were located in Sterling, VA, College Park, MD, Portland, OR (pictured), Buffalo, NY, Chicago, Parkersburg, WV, Charleston, WV, Pittsburgh (2), Clarksburg, WV, Charleston, SC, Baton Rouge, Los Angeles, Dallas and Bakersfield, CA.
Saban also acquired 250 E St. SW, a 340,000-square-foot Class A office building in Washington D.C., from Atlanta-based REIT Piedmont Office Realty Trust Inc. for $170 million.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
- ◦Sale/Acquisition