Jamestown Properties Buys Vornado’s Half of Georgetown Park for $270 Million
Jamestown Properties -- which works often with local developer EastBanc -- is set to buy half of the Georgetown Park retail and office space for $270 million, according to Real Estate Alert Newsletter. It reported that “Bidding was aggressive for the 307,000-square-foot Georgetown Park, which a partnership between Vornado Realty and Angelo, Gordon & Co. acquired via foreclosure in 2010. The team repositioned the property and filled vacant space. Atlanta-based Jamestown, acting via its open-end Jamestown Premier Property Fund, is expected to see a stingy initial annual yield of less than 5 percent.”
Jamestown is buying Vornardo’s part of the property. The D.C. purchase price appears to be a record. The property includes Canal House and a 668-space parking garage, the biggest in Georgetown.