Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Thursday, 09 August 2018

CalPERS, CommonWealth Venture is Buyer of D.C. Office

A venture of CommonWealth Partners and the California Public Employees' Retirement System is paying $220 million for 2099 Pennsylvania Ave. NW, a 208,776-square-foot office building in Washington, D.C. Paramount Group Inc. is selling the property, in a deal that's expected to close by the end of September.

Commercial Real Estate Direct Staff Report

The 208,776-square-foot office building at 2099 Pennsylvania Ave. NW in Washington, D.C., is being purchased by CommonWealth Partners and its long-time investment partner, the California Public Employees' Retirement System.

As reported, the property is being purchased for $220 million, or nearly $1,094/sf, from Paramount Group Inc., which expects the deal to close by the end of next month.

Paramount had purchased the property in 2012, when it was 31.6 percent occupied, for $154.6 million. It's now 98.5 percent occupied by tenants that include Avison Young and law firms Ropes & Gray and Sheppard Mullin. Tenants pay an average rent of $78.51/sf.

The building's sale would be among the biggest deals in Washington so far this year. Only two other office properties have sold for...


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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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