1776 G Street, Washington DC. Photo by WashREIT.
WASHINGTON DC – WashREIT has renewed and extended its lease with World Bank, at 1776 G Street NW in Washington DC.
The existing lease is scheduled to expire on December 31, 2020. The newly signed lease agreement has been extended through December 31, 2025.
The renewal features an initial five year term, with two five year renewal options.
Additionally, WashREIT granted World Bank's request for a one-time purchase right for the building, which will expire prior to 2019's year end.
The renewal reduces WashREIT's 2020 commercial lease expirations by nearly 50%; aligning with its strategy to stabilize cash flows and drive future growth. Since the REIT announced its 2019 Strategic Capital Allocation Plan, the company has reduced its 2020 commercial expirations by more than 70% overall.
WashREIT is an owner and operator of real estate assets within the Washington DC market. The REIT handles a 46 property portfolio, which consists of 17 office properties, 8 retail centers, and 21 multifamily properties, including 4 million square feet of commercial space. The company has a current enterprise value of more than $3 billion.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
