Saban Real Estate (SRE), a subsidiary of Saban Capital Group, has entered the Washington D.C. market completing the acquisition of 425 I St. NW office building, the company announced in a press release.
“We are pleased to be expanding our existing portfolio of Class A office properties leased to the U.S. government. We are particularly excited to enter the Washington D.C. market, and look forward to expanding our presence and footprint in the nation’s capital,” said Philip Han, Chief Investment Officer at Saban Capital Group.
Saban Real Estate and its affiliates operate in three segments. The first is student housing, where it owns 31 properties containing some 20,000 beds. The second is the government office sector, where the company possesses and works on a portfolio of 12 properties with approximately 1.5 million square feet leased to the U.S. government. The third segment is self-storage space, where SRE has a portfolio of 33 properties with more than 19,000 storage units.
Bowen Hsu, the Managing Director for Saban Real Estate, termed the acquisition of 425 I building “a great addition to our real estate portfolio in a core, coastal market at an attractive basis.”
“We look forward to executing on the value add opportunity at 425 I and to continuing to grow our Class A office portfolio,” said Hsu.