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.

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