GIC has formed joint ventures with a group of investors to acquire over 2.1 million square feet of office assets in the Washington DC metropolitan area, for more than US$1.05 billion (S$1.49 billion) in aggregate asset value.

In a stunning development, Beacon Capital Partners has arranged to sell more than 2.1 million square feet of office properties in the Washington D.C. metro with an aggregate value of more than $1.05 billion to GIC, Singapore&rsquo;s sovereign wealth fund.&nbsp;<br /> <br /> GIC said it formed joint ventures with a group of investors, including affiliates of Beacon Capital Partners, to acquire Lafayette Center, a three-building office complex totaling approximately 789,000 square feet in DC&#39;s CBD, and Pentagon Center, a two-building, 912,000- square-foot office GSA-leased office complex in Crystal City.&nbsp;<br /> <br /> Separately, GIC said it also invested alongside an existing Beacon-sponsored fund to acquire Terrell Place, an approximately 424,808-square-foot office complex at 575 Seventh St. NW. Consisting of three interconnected buildings in DC&#39;s East End submarket, the structures were built in 2003 and currently have 344,960 square feet available for lease.&nbsp;