February 21, 2020 Comments Off on Washington REIT Selling Single-Tenant Tysons Offices Views: 697 D.C. Metro News, Top Washington, D.C., Washington, D.C. News

Washington REIT Selling Single-Tenant Tysons Offices

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Washington Real Estate Investment Trust (WashREIT) said it had entered into a contract to sell its John Marshall II office property in Tysons, VA for approximately $63.4 million, a $10-million loss on the 2011 acquisition price. WashREIT announced the pending transaction in its fourth-quarter 2019 earnings release earlier this month.

The nine-story, 223,000-square-foot John Marshall II is 100% leased to Booz Allen Hamilton, which has maintained its global headquarters there since before WashREIT acquired the property. The management and IT consulting firm renewed its lease in 2016 through 2026.

WashREIT said the sale is expected to close on March 26, and would eliminate the company’s remaining exposure to single-tenant assets.

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