WashREIT Finds Buyer For 1.2M SF Suburban Maryland Office Portfolio
Washington Real Estate Investment Trust has found a buyer for its suburban Maryland office portfolio.
The DC-based REIT has reached a deal with an affiliate of Brookfield Property Partners to purchase the 1.2M SF portfolio for $240M. The deal was disclosed in an earnings statement filed with the Securities and Exchange Commission on Wednesday, the Washington Business Journal reports.
WashREIT announced plans to sell the six-property portfolio back in January, and retained Cushman & Wakefield to market the properties. The properties are all in Montgomery County and include 6110 Executive Blvd in North Bethesda, Wayne Plaza in Silver Spring and Jefferson Plaza in Rockville. The firm has shifted its focus away from suburban markets to Metro-accessible urban locations, and is expected to use the proceeds to invest more heavily in other sectors.
Earlier this month, WashREIT placed a nine-story, fully leased office building on the market. The property is the global HQ for Booz Allen Hamilton and is near the Greensboro Metro Station in Tysons. [WBJ]
