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WashREIT Divests from Two D.C. Office Properties for $107M

WashREIT has divested from two office properties in Washington D.C. for a combined $106.5 million. The properties sold include 1227 25th Street, NW in Washington D.C. and Monument II in Herndon, VA.

Westbrook Partners acquired Monument II. The buyer of 1227 25th Street was not disclosed. JLL negotiated both transactions on behalf of the seller.

“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,” said Paul McDermott, CEO at WashREIT. “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 DC Metro economy.”

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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.