WASHINGTON, Dec. 7, 2015 /PRNewswire/ -- Washington REIT
(Washington Real Estate Investment Trust – NYSE: WRE), has executed
new leases totaling approximately 79,000 square feet at 1775 Eye
Street in Washington, DC, bringing
the building to a 98% leased status. Acquired by Washington REIT on
May 1, 2014 at 62% leased, 1775 Eye
Street underwent an extensive renovation and modernization of its
entryway, lobby and common areas.
"We saw the opportunity to create value for our shareholders
through the effective repositioning of this property," said
Thomas Q. Bakke, Executive Vice
President and Chief Operating Officer of Washington REIT. "Today
the building is almost fully leased to a variety of prestigious
tenants. We have had multiple prospects bidding for the same space
on the top floor and the building's value has now substantially
increased since we acquired it last year."
Washington REIT relocated its own headquarters to the
10th floor of the building into a modern space designed
to help the company forge a culture of collaboration and execution.
The Company regards its move downtown to be a seminal step in its
transformation to an urban-infill REIT.
"Our dynamic downtown headquarters location places us at the
epicenter of the industry's leadership in our region. Furthermore,
it better serves both our tenants and our properties, and aligns
with our strategy to own high-quality, well-located urban and
transit-linked assets," noted Mr. Bakke.
1775 Eye Street is an eleven-story office building with a
three-level parking garage, located at the intersection of 18th and
Eye Street, in northwest DC. Located in the heart of the Central
Business District, the building is directly across the street from
Farragut West (Blue and Orange Lines) and two blocks from Farragut
North (Red Line) Metro stations.
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
|
|
1775 Eye Street, NW,
Suite 1000
Washington, DC
20006
|
Director of Investor
Relations
E-Mail:tengman@washreit.com
|
Tel
202-774-3200
www.washreit.com
|
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SOURCE Washington Real Estate Investment Trust