Washington DC Stays Strong
Tishman Speyer Properties is buying a suburban Washington DC office building for approximately $500 a square foot, one of the highest prices ever paid for a suburban Washington DC property. The seller was Beacon Properties, which just sold a downtown Washington DC property to Wells Real Estate Investment Trust II. I could not find any cap rate disclosure on the Tishman Speyer transaction. The acquisition helps confirm that the Washington DC commercial real estate market is one of the strongest in the country.