Trizec Announces Washington, D.C. Property Acquisition.

Publication: Business Wire

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COPYRIGHT 2005 Business Wire

CHICAGO -- Trizec Properties, Inc. (NYSE:TRZ) today announced the acquisition of 1200 K Street, N.W., a 389,000-square-foot office property located in Washington, D.C., for $190 million. The selling entity was comprised of a group of private investors advised by Prudential Real Estate Investors.

The property is currently fully occupied, with the entire 385,000-square-foot office portion being leased to the Pension Benefit Guaranty Corporation (PBGC) through the end of 2018. PBGC is a wholly-owned government corporation created to protect the pensions of participants covered by most private sector, defined benefit pension plans.

Completed in 1992, 1200 K Street, N.W. is a twelve-story Class A building located in the East End submarket of Washington's central core. The neo-classical design of the building features a...

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