Property Group Partners sells off D.C. offices to Norges for $389m

With its JV partner Oxford Properties, Norges Bank Real Estate Management, has picked up a Washington D.C. office building for $389.3 million. The building at 1101 New York Ave., NW, the 12-story 379,329 square square foot building was completed in 2006 and was the first first LEED Gold office building in the District of Columbia. It was 99 percent leased at the time of the sale. The seller, Property Group Partners, was also the developer of the asset. Toronto-based Oxford Properties, a real estate investment affiliate of the Ontario Municipal Employees Retirement System, will manage the property.

Jeffrey Sussman, President of Property Group Partners called it a premier office building that redefined the city's skyline. "It's an example of one of the many ways PGP is placemaking in the country's major cities and creating impactful investments."