Addison, Texas-based Behringer Harvard REIT I Inc. has acquired 1325 G St., Washington, D.C., a class-A office building located in the heart of the city. Terms of the purchase were not disclosed.
With 306,563 square feet of rentable space, the 10-story property contains a five-level underground parking garage and is located on the same block as another of the real estate investment trust's properties, the Colorado Building, located just two blocks east of The White House.
The G Street building represented the fund's second Washington, D.C., acquisition, according to Robert M. Behringer, chairman and chief executive officer of Behringer Harvard.
"In addition to providing parking for the Colorado Building, we have a potential opportunity to enhance the value of these assets by ultimately selling them as a portfolio," said Behringer. "A future buyer would have the ability to control a substantial portion of a city block in an irreplaceable location in our nation's capital."
Substantially redeveloped since 1997, the 1325 G St. building was originally...