An Arlington-based firm including several former JBGers has bought the Union Square office complex in NoMa for $181 million, marking the venture’s first acquisition in the D.C. area.
Network Realty Partners teamed up with equity partner USAA Real Estate on the acquisition from an affiliate of CIM Commercial Trust Corp. The deal that closed Tuesday afternoon includes a pair of office buildings and a development site a short walk from Union Station in Northeast D.C. The acquisition came roughly two years after The JBG Cos. merged with the D.C. business of Vornado Realty Trust (NYSE: VNO) to form JBG Smith Properties (NYSE: JBGS).
A team from JLL including Dek Potts, Jim Meisel and Matt Nicholson brokered the sale.
NRP was formed in October 2017, about three months after the Vornado-JBG spin-merge. Co-Manging Partner Rod Lawrence, who previously served as a partner at JBG Cos., said Union Square was a logical first acquisition for the company given the team’s experience in leasing and development.…Read the full story from the Washington Business Journal.