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Unizo Looks To Sell Remaining D.C. Portfolio 3 Years After Its Buying Spree

The office building at 1111 19th St. NW

The Japanese investor that drove the D.C. office sales market in 2016 and 2017 with over $1B in acquisitions is looking to quickly sell the remainder of its portfolio. 

Unizo Holdings retained CBRE to market five office buildings totaling 1.3M SF, and it hopes to close on the sales by year-end, the Washington Business Journal reports

The CBRE team, consisting of Tom Cleaver, Dan Grimes, Stuart Kenney and Marshall Hollerith, is looking to sell the buildings either as a single portfolio or as separate deals. The investor acquired the five buildings in separate deals totaling $785M from August 2016 to April 2017. 

The priciest of the five buildings is 1030 15th St. NW, a 332K SF property Unizo bought in October 2016 for $228M. The portfolio also includes 1111 19th St. NW, 1341 G St. NW, 425 Third St. NW and 820 First St. NE. The brokerage team says the portfolio is 86% leased. 

Two of the buildings Unizo acquired in 2016 have already been unloaded. It sold 50 F St. NW in March for $85M, a 23% loss from its purchase price. In July, it sold 1201 Connecticut Ave. NW to Novel Coworking for $74M, a 20% loss. 

About the time Unizo was buying up buildings in D.C., it was pursuing a similar strategy in Manhattan. Its plans in the cities continue to mirror each other — it placed its last New York properties on the market last month, Crain's New York Business reported.

Related Topics: CBRE, Tom Cleaver, Unizo Holdings