For more than six years Akridge, a developer in Washington, had its eye on a 10-story office building in Bethesda, Md., which had been vacant since the National Institutes of Health moved out in 2002.
But the federal government did not put the building on the market until November 2009. By then, of course, the real estate market had slumped. Akridge and its partner, Rockwood Capital, a real estate investment fund in White Plains, finally bought the building last October, paying $12.5 million, less than the $14 million asking price.
In a report last October Republicans in Congress pounced on the long delay in selling the Bethesda building — and the discounted price — as an example of how the federal government has been managing its real estate holdings
Read More: http://www.nytimes.com/2011/04/27/realestate/commercial/27gsa.html?_r=1&ref=realestate
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