WASHINGTON, DC--Washington REIT has closed on the first of two separate contracts it announced earlier this year in which it was selling six suburban Maryland office properties for $240 million. The buyer, which Washington REIT did not announce, is an affiliate of Brookfield Asset Management.
The first sale consists of 6110 Executive Blvd., West Gude Dr., Wayne Plaza and 600 Jefferson Plaza. The properties total 692,000 square feet and they sold for a total of $111.5 million.
The remaining properties, 51 Monroe and One Central Plaza, will close late in the third quarter of 2016.
This sale is part of Washington REIT's plan to move out of its suburban office assets and recycle the capital into value-add, urban infill multifamily properties, CEO Paul T. McDermott said.
WASHINGTON, DC--Washington REIT has closed on the first of two separate contracts it announced earlier this year in which it was selling six suburban Maryland office properties for $240 million. The buyer, which Washington REIT did not announce, is an affiliate of Brookfield Asset Management.
The first sale consists of 6110 Executive Blvd., West Gude Dr., Wayne Plaza and 600 Jefferson Plaza. The properties total 692,000 square feet and they sold for a total of $111.5 million.
The remaining properties, 51 Monroe and One Central Plaza, will close late in the third quarter of 2016.
This sale is part of Washington REIT's plan to move out of its suburban office assets and recycle the capital into value-add, urban infill multifamily properties, CEO Paul T. McDermott said.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
