The building, which is nearly fully leased, was "acquired at a substantial discount to replacement cost" with a purchase price of $162 per sf, according to the company. In a press release, WRIT officials say they expected the purchase to produce a first-year cash-basis return on investment of 10.4%. From 2001 through 2004, expiring leases average only 8% of the building's square footage per year. However, as the rents in the expiring leases average 24% below current market rents, the cash return on the investment is projected to grow to 11.7% by 2004, the REIT estimates.

Built in 1974, One Central Plaza is located directly across from the entrance to White Flint Mall and two blocks south of the White Flint Metro Station. Leasing and operational synergies are anticipated at the building as WRIT now owns eight office properties containing a total of 1.1 million sf in the North Bethesda/Rockville submarket.

The REIT WRIT invests in income-producing properties in the greater Washington-Baltimore region. Its portfolio includes 10 retail centers, 24 office buildings, 15 industrial/flex properties and nine multi-family properties.