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A real estate firm with a $75 million equity investment from the Goldman Sachs Whitehall Fund plans to sell 480,000 square feet of office space in Maryland and acquire at least 1 million square feet in reater Washington this year.
WP Commercial was formed by the Goldman Sachs Whitehall Fund and Wellsford Commercial Property Trust, a landlord in Boston, D.C. and New Jersey, its home base. Wellsford's 35 employees will keep their jobs, says Wellsford president Richard Previdi, but one of WP Commercial's first acts will be to liquidate the...