One Central Plaza

September 25, 2016 Comments Off on Washington REIT Completes $240M Maryland Portfolio Sale Views: 315 Maryland, National News, Northeast

Washington REIT Completes $240M Maryland Portfolio Sale

Washington Real Estate Investment Trust completed the second sale transaction of its 490,000-square-foot suburban Maryland portfolio. The two office buildings sold for a total of $128.5 million to Brookfield Asset Management. The first part of the trade, consisting of four assets, sold for $111.5 million in June to Brookfield as well.

The second transaction involved 51 Monroe and One Central Plaza at 11300 Rockville Pike in Rockville, MD. The deal was structured in a reverse-1031 exchange, in conjunction with the REIT’s recent buy of Riverside Apartments in Alexandria, VA.

REIT President and CEO Paul T. McDermott indicated that the transaction represented a reallocation of capital from suburban office toward value-add, urban infill multifamily product. Apartments are well-positioned to benefit from improving fundamentals in the region, he added.

Read More at Globe Newswire

Connect with Washington REIT

For comments, questions or concerns, please contact Amy Sorter

Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone

Tags: , ,

Comments are closed.