WASHINGTON, D.C. — Cassidy Turley has arranged two big office deals in Washington, D.C. between Chevy Chase, Md.-based JBG Companies and local firm ICG Properties. JBG purchased a two-building property outright from ICG and acquired an equity stake in another of the company's office buildings in a deal valued at $101.5 million.
JBG purchased Georgetown Center, a two-building, 293,845-square-foot office property located at 2115 and 2121 Wisconsin Ave. The property was 92 percent leased at the time of closing and is anchored by Georgetown University and MedStar Health, which take advantage of the property's close location to the Georgetown campus and its hospital.
JBG became ICG's equity partner in 1600 K Street, an 86,606-square-foot office building located two blocks from the White House. The property was 87 percent leased at the time of closing, and restaurant PJ Clarke's recently signed a lease for ground-floor commercial space within the building.
The Cassidy Turley team of Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy represented ICG Properties in the deal.
— Coleman Wood