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D.C.'s Washington Harbour Sails for $244.5 Million

MRP Realty Partners with Rockpoint Group To Purchase the Property from PREI Free and Clear of Debt
June 23, 2010
New Jersey-based Prudential Real Estate Investors recently sold the Washington Harbour for $244.5 million, or approximately $459 per square foot. MRP Realty Inc. and Rockpoint Group LLC purchased the two-building office and retail portfolio at 3000 at 3050 K St. NW on the Georgetown waterfront in Washington, DC.

The mixed-use Washington Harbour complex totals 532,601 square feet and was approximately 86 percent leased at the time of sale. Major office tenants include the law firms Foley & Lardner and Kelley Drye & Warren.

Stephen Conley, Elizabeth Taylor Johnson and Andrew Weir of HFF represented the seller. Brokers for the buyer were not disclosed.

"The sale of Washington Harbour is the largest investment sale transaction this year for HFF D.C. and clearly demonstrates that there are buyers out there for properties with the right combination of tenancy, location and amenities," said HFF's Conley.

Rockpoint Group is a global real estate investment management firm with offices located in the U.S., Europe and Asia. The firm invests primarily on behalf of public and private pension funds, endowments and financial institutions, and targets a broad range of real-estate related investments across all asset classes and geographic regions, with particular focus on value creation and distressed/restructuring opportunities.

MRP Realty is a real estate development and investment firm with projects throughout the Washington, D.C. metropolitan area.
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