Wednesday, February 27, 2013

Clarion Partners Pays $98.5M for Portrait Bldg. in DC

National Commercial Real Estate News From CoStar Group

Clarion Partners Pays $98.5M for Portrait Bldg. in DC

Clarion Partners, a New York-based property investment firm, acquired the eight-story Portrait Building in Washington, DC, from Wereldhave for $98.5 million, or about $733 per square foot.

The Class A office building delivered in 2003 at 701 Eighth St. NW in the East End office submarket. It is one-half block from the Metro and the Verizon Center. The Portrait Building totals 134,448 square feet and is near full capacity at 90 percent occupied...

Fascitelli Leaving Vornado, Resignation Effective April 15

After 16 years as Steven Roth's right-hand man at Vornado Realty Trust (NYSE: VNO), Michael Fascitelli has called it a career at the high-profile REIT and will step down as president and CEO.

Fascitelli's resignation is effective April 15, 2013, although he will remain a member of Vornado’s board. According to Vornado, Fascitelli will take an extended break from the business before deciding on his future plans.

The REIT has re-appointed Roth...

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