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BXP eyes third downtown Washington, D.C., office venture as it sells assets

The REIT said it is working with an institutional owner on a joint venture and is targeting a lease commitment by year end.

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BXP executives said the REIT is nearing a third deal in two years to build a trophy office project in downtown Washington, D.C., and is working to assemble a joint venture with an institutional owner, according to Bisnow.

On BXP’s second-quarter earnings call, executives said they hope to secure a lease commitment by the end of the year, and EVP Pete Otteni pointed to “inbound” demand from clients looking for major downtown office blocks.

One potential focus area is 1133 Connecticut Ave. NW, a 184,000-square-foot office BXP is described as being involved with, after the prior owner’s lender, the New York State Teachers’ Retirement System, took the property via a foreclosure auction earlier this year.

Bisnow also reported that BXP is offloading some of its D.C. holdings, with two office buildings under contract to sell and scheduled to close next quarter, as BXP balances new development opportunities with asset sales.

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