WashREIT Sells DC Office Asset for Nearly $130M
The property, situated at 1776 G Street, sold to the building’s sole tenant of more than 30 years.
WASHINGTON DC – WashREIT has completed the sale of 1776 G Street in Washington DC. The firm sold the eight-story office asset to the building’s sole tenant for $129.5 million.
Located one block from the White House in the Central Business District, the 265,000-square-foot building was tenanted by the buyer for more than 30 years. The building is additionally located near the new owner’s headquarters.
The buyer and WashREIT reached a mutually-beneficial agreement for the transaction, which closed on December 19, 2019.
Aligning with its business strategy to strengthen cashflows and improve its risk profile, WashREIT disclosed a reduction in its exposure to single tenant assets from 26% of office square footage to 7% within the past two years, including this most recent sale.
WashREIT is an owner and operator of real estate assets within the Washington DC market. Currently valued at more than $3.5 billion, the firm handles a portfolio of 21 multifamily properties, 16 office properties and eight retail centers; representing four million square feet of commercial space.