Thomas Properties Group Inc. and the California State Teachers' Retirement System bought offices in Virginia from Equity Office Properties Trust for $167 million, gaining space in an area with below-average vacancy rates.
Los Angeles-based Thomas Properties and joint-venture partner CALSTRS bought Centerpointe I and II, twin 11-story office towers in Fairfax, Vir., and the eight-story Fair Oaks Plaza, located two miles away from the towers.
The purchase of the buildings is being funded with $135 million of mortgage financing and about $43 million of equity, with Thomas Properties contributing $10.8 million, or 25 percent, and CALSTRS supplying $32.3 million. Thomas Properties will manage the sites.
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