The John Buck Company has sold the Washington DC office property it bought from CBRE Investors last summer to US institutional investors.
1501 M St
The fund made a total of six investments, including two properties in Chicago and Washington DC and two debt positions secured against assets in Los Angeles, Boston, Washington DC and Chicago.
1501 M St
John Buck bought 1501 M Street NW in July 2009 in a deal valued at $59.7 million. According to data provider Real Capital Analytics, John Buck assumed a $30 million first mortgage and paid 10 percent less than seller CBRE Investors, which originally acquired the property in February 2006 for $65.8 million.
The office property, which is 93 percent leased, was sold to investors advised by JPMorgan Asset Management, the statement added. John Buck is currently investing its fourth real estate fund, JBC Opportunity Fund IV, which was believed to be targeting $500 million.