GE Asset Mgmt. Sells Stake in 2 VA Offices for $105M

GE Asset Management sold its 75 percent interest in Metro Place III and IV, a 325,328-square-foot office portfolio in Merrifield, VA, for an implied value of $ 105 million or $ 323 per square foot.

First Potomac Realty Trust (NYSE: FPO) purchased a 51 percent interest in the property and the Coakley family, GE’s joint venture partner, acquired 24 percent as part of the transaction and now owns 49 percent. The deal includes assumption of a $ 51.5…
National Commercial Real Estate News From CoStar Group