April 27, 2020 Comments Off on Washington REIT Finalizes $57M Sale of John Marshall II Views: 711 D.C. Metro News, Top Washington, D.C., Washington, D.C. News

Washington REIT Finalizes $57M Sale of John Marshall II

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Washington Real Estate Investment Trust closed its previously announced sale of John Marshall II in Tysons, VA to an undisclosed buyer for $57 million. The sale of the 223,000-square-foot property, 100% leased to Booz Allen Hamilton, came at a $16.5-million loss on the 2011 purchase price.

In announcing its first-quarter results, Washington REIT said that in view of the coronavirus pandemic, it was suspending the full-year 2020 guidance announced in February.

“While it’s clear that every industry and metro area will be impacted by the decline in economic activity, like everyone else, it is difficult to predict the impact on our residents and tenants and would not be prudent to do so,” CEO Paul McDermott said on the Q1 earnings call.

However, he expressed confidence in “the resiliency of our assets and the strategies that we are implementing to shape the best long-term outcomes for our tenants, residents and shareholders.”

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