Blackstone to Acquire 49% Interest in Washington D.C.’s Market Square
09.10.15
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Simpson Thacher is representing Blackstone Property Partners, Blackstone’s Core+ real estate investment unit, in its acquisition of a 49% interest in Washington D.C.’s Market Square office property from Columbia Property Trust, Inc. (NYSE: CXP). The terms of the joint venture stipulate a gross value for the asset of $595 million and provide that Columbia will continue to make day-to-day decisions and manage the 686,000-square-foot office property located at 701 and 801 Pennsylvania Avenue N.W. in Washington, D.C. The transaction is expected to close by early fourth quarter of 2015 and is subject to customary closing conditions and adjustments.
The Simpson Thacher team included Greg Ressa, Patrick Dowd and Dan Liang (Real Estate); and Nancy Mehlman and George Davis (Tax).