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Donohoe Cos. has teamed up with USAA Real Estate to acquire the Downtown Bethesda office building where the company recently moved its headquarters.
The JV has acquired 7101 Wisconsin Ave., a 230K SF office building in Bethesda, from a JV of Brandywine Realty Trust and Allstate Investments, Donohoe announced Thursday. HFF brokered the deal.
The building sold for a price of $105.7M, or roughly $458/SF, as first reported by the Washington Business Journal and confirmed by a Donohoe spokesperson.
Brandywine and Allstate completed a major repositioning of the building in 2015, putting in a new lobby, conference facility and entrance facade. This helped it secure 140K SF of leases, including Donohoe and Miller & Long Cos., bring the building to 97% leased.
The deal marks the second major Bethesda office sale this week. French investor AXA broke into the D.C. market with the $140M acquisition of Montgomery Tower, a 366K SF office building in the Bethesda Crossing complex, from MRP Realty.
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