WRIT has opened its wallet again, announcing late yesterday the purchase of the Army Navy Club Building, which marks $152M in DC purchases for the REIT over the past three months. (Is it possible they forgot to buy Christmas gifts and are just overcompensating?)
Here's the WRIT acquisitions team snapped moments ago: Tyler Shymansky, Karen Clark, Mike Daugard, Grant Marley, and Tilghman Morton. The REIT paid seller Beacon Capital Partners $79M (or $731/SF) for the Army Navy Club Building, which sits next to Farragut Square at 17th and Eye. WRIT says a big portion of the purchase was funded from selling off its medical office portfolio for $307M earlier this year—it also purchased the Yale West apartments on New York Avenue with proceeds from the big sale. (If your building has an American institution in its name, you may be next.)
This morning, we snapped the 108k SF Army Navy building, which according to CoStar has only about 3,000 SF of vacancy right now. Beacon's been active in DC, too, but on the sell side: Weeks ago, it sold 700 13th St to Fosterlane Management and has recently sold a bunch of its Reston Town Center holdings to Boston Properties. In a statement, WRIT told us, "The quality trade between selling the MOB portfolio and reinvesting in an office property in the heart of Washington, DC is a tremendous accomplishment for WRIT."
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