Beacon Capital Acquires Advisory Board Building From WashREIT For $102M
The West End office building that The Advisory Board will vacate next year has just traded hands for $101.6M.
WashREIT sold the 292K SF building at 2445 M St. NW to Beacon Capital Partners, the Washington Business Journal reports.
Beacon Capital owned the building in the early 2000s before selling it in 2006 to Broadway Partners. WashREIT bought the building in 2008 for $181M. The property sits near the Park Hyatt hotel and a Trader Joe's grocery store, about four blocks from the Foggy Bottom Metro station.
The Advisory Board Co., the building's anchor tenant, in September 2015 signed a deal to move to a 532K SF space in Douglas Development's new mixed-use project, a partnership with Brookfield Property Partners, at 655 New York Ave. When WashREIT in January announced it had acquired Arlington Tower in Rosslyn, it also said it was under contract to sell 2445 M, though it did not disclose the buyer or price at the time.
