Urdang has bought a Washington DC office complex from a joint venture between Hines and CalPERS for an estimated $74.7 million.
The private equity real estate fund manager of BNY Mellon said the 500,000-square-foot Station Square office complex, in Silver Spring, Maryland, was acquired in partnership with developer Moore & Associates.
Urdang bought the property through its Urdang Value-Added Fund II, which closed in February 2008 on $462.8 million.
Urdang and Moore acquired the building from a National Office Partners Limited Partnership (NOP), a joint venture between Hines and the California Public Employees' Retirement System (CalPERS).
NOP originally bought the office complex in November 2005 for $129.6 million, according to property data firm Real Capital Analytics. Urdang paid an estimated $74.7 million, the firm added – a projected loss of 58 percent for NOP.
In a statement, Urdang said the deal was the fourth JV completed with Moore. The two firms also own Bethesda Towers, a 540,000-square-foot office complex in Bethesda, Maryland, and two office buildings in Austin.