Fund makes new investment in Washington, D.C.
22 September 2016
Norges Bank Real Estate Management has acquired a 47.5 percent interest in Constitution Square, an 842,000 square foot office property on 175 N. Street, N.E. and 150 M Street, N.E. in Washington, D.C., in a joint venture with MetLife, Inc.
The agreement was signed 26 August 2016, and closing occurred 21 September 2016.
Constitution Square consists of two buildings, one recently completed and one under development. Norges Bank Real Estate Management acquired its 47.5 percent interest for an initial payment to seller of 71.3 million dollars and has committed to a total projected cost of 200.4 million dollars. Upon completion, the total gross consideration from the venture is projected to be 421.8 million dollars. The asset is unencumbered by debt, and no financing was involved in the transaction.
The seller is a joint venture between StonebridgeCarras and Walton Street Capital, LLC.
MetLife acquired the remaining 52.5 percent interest in the asset and will manage it on behalf of the partnership.
Line Aaltvedt, Communications Advisor
Tel: +47 24 07 35 59/+47 948 54 656
Email: [email protected]