A joint venture between Trizec Properties and Principal Real Estate Investors has acquired the Victor Building, a fully occupied, 343,000-square-foot office property located at 750 Ninth St., N.W., in Washington, D.C.
The value of the transaction was $157.5 million.
Trizec and Principal have a 49.9 percent and 50.1 percent respective ownership interest in the joint venture.
Completed in 2000, the Victor Building is a nine-story, class A property located in the East End submarket of Washington’s central core. The property also includes four levels of underground parking that provides 238 spaces.
At the time of sale, the entire 321,000 square feet office component was leased to The Smithsonian Institution, of which, approximately 213,000 square feet is scheduled to expire in late 2006. The Smithsonian Institution will continue to occupy the building’s second through fourth floors, representing approximately 30 percent of the property, on a long-term basis through 2020.
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