CBRE Investors acquires DC area office

The Los Angeles firm has purchased an LEED-certified property on behalf of its fifth US value fund.

CB Richard Ellis Investors has purchased a 315,929-square-foot Class A office building in the Washington DC metropolitan area from LaSalle Investment Management for an undisclosed sum. The Los Angeles-based real estate investment management firm acquired the asset, known as One Washingtonian Center, on behalf of its CBRE Strategic Partners US Value 5 fund. A CBRE spokeswoman confirmed the purchase but declined to discuss pricing.

Considered the most prominent building within its submarket, One Washingtonian Center is located at 9801 Washingtonian Boulevard, directly off Interstate 270 in Gaithersburg, Maryland.  The 13-story building, which currently is 85 percent leased to high-quality tenants, has achieved LEED-EB platinum certification from the US Green Building Council, making the property one of only 38 office buildings in the world to reach the highest level of sustainability certification.

Over the past five years, One Washingtonian Center has undergone various capital improvement projects totaling $3.7 million to enhance and upgrade the building. CBRE Investors also is planning a capital improvement campaign to further modernise the property, which also features a five-level, open-air parking garage with 1,160 spaces.

“Our commitment to sustainability, coupled with our interest in amenity-rich, pedestrian-friendly mixed-use properties, make this an ideal fit for the Strategic Partners US Value 5 portfolio,” said Vance Maddocks, president of CBRE Strategic Partners US, in a statement.

One Washingtonian Center was acquired by LaSalle on behalf of the Maryland State Retirement System in November 2000. The pension plan paid $61.8 million for the property at that time.