34 D.C.-area buildings sell as a portfolio for nearly $200M

Office Properties Income Trust (NASDAQ: OPI) announced Monday it has completed a portfolio sale of 34 D.C.-area buildings for $198.5 million tied to its 2017 acquisition of First Potomac Realty Trust.

The buildings total 1.6 million square feet, according to a release, which does not name the buyer or the properties sold. That said, we have a good idea of which ones traded hands and to whom. The buyer is a joint venture between Gaithersburg-based Buchanan Partners and Miami, Fla.-based Elion Partners, a pair that has teamed up on other deals including a Northern Virginia portfolio sale in 2017.

Per OPI’s third quarter 2018 financials, the Newton, Massachusetts-based company was holding 50 properties for sale, all of which were located in Greater Washington or the Norfolk-Chesapeake area of Virginia. In December, it sold 15 of those — the Norfolk-Chesapeake batch — for $167 million to DSC Partners LLC, the firm led by First Potomac co-founders Doug Donatelli and Nick Smith.


Read the full story from the Washington Business Journal.