WashREIT Completes the Sale of Two Office Properties for $106.5 Million
December 17 2020 - 4:30PM
WashREIT (NYSE: WRE) announced that it has completed the sale of
1227 25th Street, NW and Monument II for a combined $106.5 million.
The sale of Monument II, located in Herndon, VA, closed on December
2, 2020 and the sale of 1227 25th Street, located in Washington,
DC, closed on December 17, 2020.
“These sales further strengthen our balance sheet ahead of the
post-vaccine recovery and align with our strategy to reduce our
exposure to office assets, allowing us to de-risk our portfolio and
improve our ability to create long-term shareholder value,” said
Paul T. McDermott, President and CEO of WashREIT. “We are pleased
with the execution of these sales, which is a testament to the
quality of our office tenants and the resilience of the DC Metro
economy.”
WashREIT owns and operates uniquely positioned real estate
assets in the Washington D.C. market. Backed by decades of
experience, expertise and ambition, we create value by transforming
insights into strategy and strategy into action. Our portfolio of
43 properties includes approximately 3.4 million square feet of
commercial space and 6,863 multifamily apartment units. These 43
properties consist of 22 multifamily properties, 13 office
properties, and 8 retail centers. Our shares trade on the NYSE and
our company currently has an enterprise value of approximately $3
billion. With a track record of driving returns and delivering
satisfaction, we are a trusted authority in one of the nation's
most competitive real estate markets.
Contact: Amy HopkinsPhone:
202-774-3253E-mail: ahopkins@washreit.com
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