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Washington REIT Finalizes $57M Sale of John Marshall II

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition