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WashREIT Divests from Office Portfolio in D.C. for $766M

WashREIT has agreed to sell a 2.3 million-square-foot office portfolio to a Brookfield Asset Management private real estate fund for an aggregate purchase price of $766 million.

Located in the Washington, D.C. metro area, the portfolio consists of 12 properties. Six properties are located in Northern Virginia and six are located in Washington D.C. As of May 31, 2021, the portfolio was 83% occupied.

WashREIT plans to use the net proceeds from this office portfolio sale and future retail sales to fund the expansion of its multifamily platform through acquisitions in Southeastern markets and to reduce its leverage by repaying outstanding debt.

“We are announcing the most significant milestone to date in our transformation into a multifamily REIT,” said Paul McDermott, CEO at WashREIT. “This transaction, along with sourcing multifamily expansion opportunities and our retail sales process, signals our belief that the multifamily asset class is the best vehicle to harness long-term growth for our investors.”


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About David Cohen

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.