Liberty Scoops Up Washington Office Building For $50M

Law360, New York (December 12, 2011, 6:34 PM EST) -- Pennsylvania real estate investment trust Liberty Property Trust has acquired a Washington office building from California-based commercial real estate firm Glenborough LLC for about $50 million, Liberty announced Monday.

The REIT said it had purchased the 146,472-square-foot property at 1100 17th St. NW in Washington's central business district for roughly $340 per square foot. The property is currently 82 percent leased, according to the announcement.

A Liberty spokeswoman said the transaction had closed Nov. 30. Liberty will also take over management of the building, she said....
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