GIC has formed a joint venture with a group of investors to invest in a $1.05bn Washington DC office portfolio.
The Singaporean sovereign wealth fund said it is teaming up with Beacon Capital, which is selling the 2.1m sqft portfolio but will continue to manage them.
Adam Gallistel, regional head of Americas at GIC, said: “These acquisitions will strengthen our portfolio of high-quality office assets in the US and enable us to invest in scale in the Washington DC market, one of the leading gateway cities of the US.
“We believe in the long-term strength of the DC metro area.”
The Lafayette Centre, a 789,000sqft complex of three multi-tenant buildings in the central business district submarket and Pentagon Centre, a 912,000sqft complex of two buildings fully-leased for the long term to the US General Services Administration in Arlington.
GIC has also invested alongside an existing Beacon-sponsored fund in Terrell Place, a 426,000sqft complex of three interconnected buildings located in Washington DC’s East End sub-market.
The deal follows GIC and Paramount Group’s recent joint venture purchase of a New York office tower for $1.04bn.