WASHINGTON, Dec. 2, 2015 /PRNewswire/ -- Washington REIT
(Washington Real Estate Investment Trust – NYSE: WRE), has executed
a 137,000 square foot lease at Silverline Center in Tysons,
Virginia. The tenant, a Fortune
100 financial services company and one of the nation's top 10
largest banks based on deposits, has leased six floors in the tower
portion of the building, with occupancy expected in September 2016.
After an extensive facade and lobby renovation, Washington REIT
delivered the Silverline Center in the second quarter of 2015.
Since then, the company has executed 261,000 square feet of leases
bringing the building to a 93% leased status.
"Silverline Center exemplifies Washington REITs value-add
strategy. We redeveloped a Class B office building to create a
trophy asset that is achieving higher rents and attracting top-tier
tenants as a result of its successful repositioning," said
Thomas Q. Bakke, Executive Vice
President and Chief Operating Officer. "Tysons remains an extremely
desirable but competitive submarket and our leasing success at
Silverline Center evidences the talent and strength of our
operations and our redevelopment expertise."
Silverline Center is located within 0.3 miles of the
Tysons Corner Metro and in the
heart of Northern Virginia's most
dynamic and rapidly growing economic center. The building offers
rapid access to the Westpark and Jones Branch Express Lanes and
with its unique LED lighting provides tenants with an iconic
branding opportunity on the Capital Beltway, from where it receives
over one million views each week. The building, which was recently
awarded two NAIOP awards of excellence for Building Renovation and
Building Common Areas, will offer several on-site amenities
including a white tablecloth restaurant, coffee shop, conference
center, fitness center and day care.
Washington REIT is a self-administered, self-managed, equity
real estate investment trust investing in income-producing
properties in the greater Washington metro region. Washington REIT owns
a diversified portfolio of 55 properties totaling approximately 7
million square feet of commercial space and 3,258 residential
units, and land held for development. These 55 properties consist
of 25 office properties, 17 retail centers and 13 multifamily
properties. Washington REIT shares are publicly traded on the New
York Stock Exchange (NYSE: WRE).
Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements involve known and unknown
risks, uncertainties, and other factors that may cause actual
results to differ materially. Such risks, uncertainties and other
factors include, but are not limited to, the potential for federal
government budget reductions, changes in general and local economic
and real estate market conditions, the timing and pricing of lease
transactions, the availability and cost of capital, fluctuations in
interest rates, tenants' financial conditions, levels of
competition, the effect of government regulation, the impact of
newly adopted accounting principles, and other risks and
uncertainties detailed from time to time in our filings with the
SEC, including our 2014 Form 10-K and subsequent quarterly reports
on Form 10-Q. We assume no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events.
CONTACT:
Tejal
Engman
Director of Investor
Relations
E-Mail:tengman@washreit.com
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SOURCE Washington Real Estate Investment Trust