Singapore goes all out for DC
Singapore’s sovereign wealth fund, GIC, is making a huge splash into the Washington DC market. The fund has formed a JV with Beacon Capital Partners to invest $1.05B in three of Beacon’s office assets totaling more than 2M SF. GIC will join Beacon in ownership of Terrell Place, the Verizon Center-adjacent office building at 575 7th St. NW that just lost its anchor tenant, Venable.
The JV plans value-add improvements to the property as JLL markets it to potential new tenants. The wealth fund is also investing in Lafayette Centre, a three-building, 789k SF CBD office plaza. Beacon had been looking to sell the building in 2015 after signing a 112k SF lease with MedStar.
Across the river, it is investing in Pentagon Center, a two-building, 912k SF property in Crystal City that is fully leased to the General Services Administration. Beacon had begun looking to sell that property last year after renewing the full-building Department of Defense lease. PHOTO: Lafayette Centre READ MORE: https://www.bisnow.com/washington-dc/news/office/singapore-wealth-funds-invests-105b-in-three-dc-office-properties-71420?utm_source=CopyShare&utm_medium=Browser