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Blackstone Buys 49% Stake in Market Square

Washington DC
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Blackstone Property Partners has agreed to acquire a 49% stake in Market Square from Columbia Property Trust, which has a gross asset value of $595M. Under the JV, Columbia will continue day-to-day operations. The 686k SF office property is at 701 and 801 Pennsylvania Ave NW and was purchased by Columbia for $615M in 2011. Columbia recently sold 11 properties totaling 2.9M SF for $433.3M. They plan to use the proceeds from the Market Square transaction to reduce outstanding debt. The transaction is slated to be completed by early Q4. [GS]