Property Group Partners Buys Air Rights For $1B DC Complex

Law360, New York (December 4, 2012, 5:46 PM EST) -- Real estate developer Property Group Partners has purchased the fee interest for three blocks of Interstate 395 in downtown Washington, D.C., for the development of a $1.3 billion mixed-use complex, it said Tuesday.

The deal transfers control of the air rights above a recessed part of the freeway from the city to PGP and allows the company to clear the final hurdle to its 2.2 million-square-foot development project. The development, originally proposed in 1989 when then-Mayor Marion Barry gave the air rights to Washington Development Group,...
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