A venture of Norges Bank Investment Management and MetLife Real Estate Investors has paid $496.5 million, or about $635/sf, for the Thurman Arnold Building, a 781,962-square-foot office property in Washington, D.C.
Norges, which manages the Norwegian Government Pension Fund Global, holds a 47.5 percent stake in
the property while MetLife holds the remaining interest.
The venture bought the building from Manulife Financial Corp. of Toronto in a deal arranged by Eastdil Secured.
The 12-story property is 85 percent leased. Its largest tenant, Arnold & Porter, is expected to vacate the 447,772 sf it occupies when its lease ends in 2015.
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