MRP Realty and the Rockpoint Group LLC stand to gain a cool $75 million after agreeing to sell their Washington Harbour waterfront property in Georgetown, according to sources familiar with the deal.
A joint venture including Principal Real Estate Investors and a group of Korean pension funds advised by Simone Investment will buy the two-building complex at 3000 and 3050 K St. NW for $370 million, sources said.
The buyers were selected from a highly competitive group of bidders after MRP and Rockpoint retained Holliday Fenoglio Fowler LP to market the 560,000-square-foot mixed-use development to interested buyers. The purchase is the second for PREI and the Korean investors, which teamed up earlier this year to acquire a 335,000-square-foot office building in Houston.
Representatives from MRP Realty declined to comment.
The sale, which was first reported by the Korea IT Times, marks a successful turnaround for MRP and Rockpoint in renovating and re-tenanting the property. MRP and Rockpoint acquired the property for $245 million and spent about $50 million renovating its common areas and putting in other amenities. Its efforts helped boost occupancy from about 85 percent to roughly 97 percent.