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Goldberg Sells Union Center Plaza Office Space Building for $90 Million

First Potomac REIT has recently picked up 248,576-SF of office space in an off-market deal with Stephen A. Goldberg Co.
Bethesda, MD-based owner/developer Stephen A. Goldberg Company recently sold a 12-story, 248,576-square-foot office space property that is located at 840 First Street NE in Washington, DC, to First Potomac Realty Trust for $90 million ($362 per [...]

First Potomac REIT has recently picked up 248,576-SF of office space in an off-market deal with Stephen A. Goldberg Co.

Bethesda, MD-based owner/developer Stephen A. Goldberg Company recently sold a 12-story, 248,576-square-foot office space property that is located at 840 First Street NE in Washington, DC, to First Potomac Realty Trust for $90 million ($362 per square foot). Office space and industrial REIT, First Potomac, took on a mortgage of $57.2 million to finance this off-market deal. In June 2003, when the property was still under construction, Stephen A. Goldberg Co. purchased the property from Greenebaum & Rose Associates for a price of $80.25 million ($323 per square foot).

The eight-year-old building is part of the larger Union Center Plaza, which is a five-building, master-planned development situated next to Union Station in the NoMa submarket. The property includes 222 sublevel parking spots as well as an on-site cafeteria. According to CoStar.com, Group Hospitalization and Medical Services Inc. (an independent licensee of the Blue Cross and Blue Shield Association) completely occupy the building’s leasable space on a 10-year lease that is set to expire toward the end of 2013.

Source: www.costar.com

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This entry was posted on Thursday, April 7th, 2011 at 3:53 am and is filed under Commercial Real Estate News, Office Blog. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.