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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