Washington REIT sells suburban Maryland offices

Washington REIT (Washington Real Estate Investment Trust) has closed on the sale of a second suburban Maryland office portfolio comprising approximately 491,000 sqf in a $128.5 million transaction. The sale, which contains 51 Monroe and One Central Plaza, has been structured in a reverse-1031 exchange in conjunction with the acquisition of the Riverside Apartments. Located in Alexandria, VA, the property consisting of 1,222 existing units and the for potential for new ones to be built. Washington REIT is a self-administered equity real estate investment trust investing in income-producing properties in the greater Washington metro region. The REIT owns a diversified portfolio of 49 properties totaling approximately 6 million sqf of commercial space and 4,480 residential units, and land held for development.

“This transaction completes the sale of Washington REIT’s Maryland office portfolio and reallocates capital from suburban office into value-add, urban in-fill multifamily with higher growth potential, lower leasing capital requirements and greater cash flow stability,” said Paul T. McDermott, President and Chief Executive Officer of Washington REIT. “Our office portfolio is now predominantly located in urban-infill, metro-centric locations in The District and Northern Virginia and is well-positioned to benefit from improving fundamentals in the Washington Metro Region.”