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34 D.C.-area buildings sell as a portfolio for nearly $200M

Michael Neibauer

Office Properties Income Trust (NASDAQ: OPI) announced Monday it has completed a portfolio sale of 34 D.C.-area buildings for $198.5 million tied to its 2017 acquisition of First Potomac Realty Trust. The buyer is a joint venture between Gaithersburg-based Buchanan Partners and Miami, Fla.-based Elion Partners, a pair that has teamed up on other deals including a Northern Virginia portfolio sale in 2017. Per OPI’s third quarter 2018 financials, the Newton, Massachusetts-based company was holding 50 properties for sale, all of which were located in Greater Washington or the Norfolk-Chesapeake area of Virginia.