Beacon Capital Partners Sells 601 New Jersey For $175M
After successfully leasing the 260K SF Capitol Hill office building to nearly full occupancy, Beacon has just sold it for $175M to an affiliate of Principal Real Estate Investors LLC, the Washington Business Journal reports.
The Boston-based firm acquired a majority stake in the building in 2011 for $66M. Soon after, the GSA decided to move the FTC out of the building to 400 7th St. SW.
Beacon then embarked on a major repositioning of the property, adding amenities such as a 10th-floor rooftop terrace, fitness center, bike storage and shower facilities. It signed tenants including Amazon, Kostelanetz & Fink LLP, Leavitt Partners, Summit and AT&T.