Two DC-Area Office Buildings Trade for $107M
WashREIT has sold 1227 25th Street NW, a 136,540-square-foot office building in Washington, D.C., for $53.5 million to an undisclosed buyer.
The REIT also sold Monument II, a Class A office building with more than 200,000 square feet in Herndon, Va., to an affiliate of Westbrook Partners in a $53 million deal.
WashREIT acquired the D.C. property for $47 million in 2011 and the Herndon property for $78.2 million in 2007.
“These sales further strengthen our balance sheet ahead of the post-vaccine recovery and align with our strategy to reduce our exposure to office assets, allowing us to de-risk our portfolio and improve our ability to create long-term shareholder value,” Paul T. McDermott, WashREIT’s president and CEO, said in a statement. “We are pleased with the execution of these sales, which is a testament to the quality of our office tenants and the resilience of the D.C. metro economy.”
The building at 1227 25th Street NW is located between Georgetown and Washington’s Central Business District, close to some of the district’s top hotels, restaurants and fitness studios.
Completed in 2000, the eight-story Monument II is located at 12950 Worldgate Drive along the Dulles Toll Road in the metro’s Reston-Herndon submarket. The building is within walking distance of more than 230,000 square feet of retail amenities at the adjacent Worldgate Centre.
JLL (JLL)’s Stephen Conley, Matt Nicholson, Jim Meisel, Andrew Weir and Dave Baker represented WashREIT in both deals. JLL Capital Markets’ Dan McIntyre and Paul Spellman assisted Westbrook Partners with financing the Herndon building.