The REIT signed a binding agreement with seller SMII Fairfax LLC in a transaction that is on target to close in 60 days. Ownership of the two buildings last changed hands in 2000.
Willowwood I and II are part of the four-building Willowwood Plaza complex. The two remaining buildings are already part of Republic's portfolio; the company acquired Willowwood III and IV, which feature a combined 280,000 sf, in 2003. Prominent tenants in the buildings include the Federal Technology Service, Qwest and Tetra Tech Inc.
"This acquisition provides distinct opportunities for value creation to shareholders by consolidating Willowwood Plaza under our ownership to create operating efficiencies," Republic CEO Mark Keller says. "The below market rental rates will allow us to capitalize upon the improving market conditions and increasing rental rates. This will also enable us to offer our existing tenants additional space options as they continue to expand throughout the office park."
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