Nonprofit research and analysis organization CNA will ring in the new year with a new landlord.
An affiliate of KBS Realty Advisors closed Tuesday on its acquisition of CNA’s headquarters building at 3003 Washington Blvd. in Clarendon, a $146.8 million buy from the Penzance Cos. that the Newport Beach, California, real estate investment trust wrapped up after announcing the plans a little more than a month ago.
The deal was a complicated one that also involved KBS Real Estate Investment Trust III acquiring a ground lease on which the building was constructed. The REIT stood to forfeit up to $4.5 million in earnest money if it was unable to close on the acquisition. The final sale price, including that ground lease and closing costs, was not immediately available.
The sale follows another previously forecast KBS deal for Reston Square @ Reston Heights for about $48 million that closed earlier this month. Both deals were first reported by Citybizlist.com based on KBS regulatory filings.
Penzance, which developed the roughly 200,000-square-foot building in a joint venture with Invesco Real Estate, will continue to manage the building as it did as part of the Invesco partnership. Penzance and Invesco retain ownership of 3001 Washington Blvd., an 80,000-square-foot attached building that was constructed as part of the same project.
