Washington REIT Closes Sale Of First Piece Of Maryland Portfolio
Washington REIT has closed on the sale of the first piece of its suburban Maryland office portfolio, a four-property, $112M deal with Brookfield.
The transaction included four properties that span about 692k SF. All four of the assets are in Montgomery County:
- 6110 Executive Blvd in North Bethesda
- Wayne Plaza in Silver Spring
- 600 Jefferson Plaza in Rockville
- West Gude Drive in Shady Grove
With the announcement that both 51 Monroe and One Central Plaza are under contract—also to an affiliate of Brookfield—that means the REIT has quickly accomplished what it set out to do earlier this year: get rid of its properties in the Maryland suburbs. Those buildings combine for roughly 500k SF and will sell for around $130M.
Back in January, the company placed the six suburban office properties, which total about 1.2M SF, on the market and began courting buyers. All told, the properties were about 90% leased when they were placed up for sale.
WashREIT continues to shift its focus away from the suburbs. The firm placed the 223k SF John Marshall II building in Tysons on the block in April, an asset that has been in the firm’s portfolio since 2011.
