WashREIT Completes $766M Sale of D.C. Office Portfolio
Real estate investment trust WashREIT has completed the previously announced sale of 12 office assets, representing the entire office portfolio excluding Watergate 600, for gross proceeds of $766 million.
WashREIT plans to use the net proceeds of the sale to fund the expansion of its multifamily platform and to reduce leverage by repaying outstanding debt, starting with the redemption of all $300 million of senior unsecured notes due 2022 on or about August 26, 2021 in accordance with their terms.
“The successful sale of our office portfolio represents a significant milestone in our multi-year strategic transformation into a multifamily REIT,” said Paul McDermott, CEO at WashREIT. “We are pleased with the execution of this sale, which provides significant capital to continue our growth as we geographically diversify into targeted Southeastern markets.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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