Rockville, Maryland-based Washington Real Estate Investment Trust (WRE) announced that it has sold all six of its suburban Maryland office properties for $240 million in two separate contracts to an affiliate of Brookfield Property Partners. The REIT retained Cushman & Wakefield to market its suburban portfolio holdings at the beginning of the year, shifting its focus to urban, Metro-accessible sites in Greater Washington. In a press release on Q1 financials, WRE said it expects the transactions to close in Q2 and Q3 of 2016, and that it is also under contract to sell a parcel of land at Dulles Station in nearby Herndon, Virginia.
Properties in the portfolio include:
6110 Executive Boulevard, 10-story 202,000 square foot office building in Rockville
One Central Plaza at 11300 Rockville Pike, a 267,000 square foot 13-story office building (acquired by WRE for $44M in 2001)
600 Jefferson Plaza in Rockville at 5 stories tall with 113,000 square feet of space
The West Gude Drive complex at 20, 30, 40, 50 West Gude Drive, 277,000 square feet over 5 stories
The 21-story 51 Monroe Street office building with 223,000 square feet of space
and Wayne Plaza at 962 Wayne Avenue in Silver Spring with 99,000 square feet over 9 floors
Washington REIT CEO Paul McDermott had said during the October 2015 earnings call that the properties had significant upside for buyers willing to invest in them. West Gude, for example, is "definitely a sales candidate that has opportunity to it," while "600 Jefferson would probably be another opportunity for someone else to improve and allocate capital to, same with Wayne Plaza." Earlier this month, WRE placed a nine-story, fully leased office building on the market that serves global headquarters for Booz Allen Hamilton and is near the Greensboro Metro Station in Tysons Corner, Virginia.
For more news and information visit Blumberg Partners.
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