The Washington Business Journal reports that TIAA-CREF has sold a pair of Alexandria office buildings for $191 million, or roughly $520 per square foot, to J.P. Morgan. The deal closed on July 25.
J.P. Morgan won out over a half-dozen other interested parties, according to Eastdil Secured LLC Managing Director John Kevill. Eastdil was hired to market the properties. The buildings are nearly fully leased, and Kevill told the WBJ that he believes the sale represents the strength investors see in the Washington office market even as partisan gridlock has slowed leasing activity in the region.
The buildings at 1940 and 2000 Duke St., which offer about 368,200 square feet, are leased to tenants including law firm Oblon, Spivak, McClelland, Maier and Neustadt LLP and Motley Fool.
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