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Singapore's sovereign wealth fund, GIC, is making a huge splash into the DC market.
The fund has formed a JV with Beacon Capital Partners to invest $1.05B in three of Beacon's office assets totaling more than 2M SF.
GIC will join Beacon in ownership of Terrell Place, the Verizon Center-adjacent office building at 575 7th St. NW that just lost its anchor tenant, Venable. The JV plans value-add improvements to the property as JLL markets it to potential new tenants.
The wealth fund is also investing in Lafayette Centre, a three-building, 789k SF CBD office plaza. Beacon had been looking to sell the building in 2015 after signing a 112k SF lease with MedStar.
Across the river, it is investing in Pentagon Center, a two-building, 912k SF property in Crystal City that is fully leased to the General Services Administration. Beacon had begun looking to sell that property last year after renewing the full-building Department of Defense lease.
The JV has not disclosed the equity stack for any of the three properties.
“These acquisitions will strengthen our portfolio of high-quality office assets in the U.S. and enable us to invest in scale in the Washington, DC market, one of the leading gateway cities of the U.S.," GIC regional head of Americas Adam Gallistel said in a release. "We believe in the long-term strength of the DC metro area."
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