Washington REIT Places 6 Maryland Office Properties On The Market
Washington Real Estate Investment Trust has placed six suburban Maryland office properties, totaling roughly 1.2M SF, on the market.
Cushman & Wakefield will be marketing the properties on behalf of the DC-based REIT. The properties are 90% leased to a roster of tenants that includes Federal Realty Investment Trust, George Washington University and Lockheed Martin, the Washington Business Journal reports.
All six properties are in Montgomery County:
- Wayne Plaza, 962 Wayne Ave, Silver Spring
- 6110 Executive Blvd, North Bethesda
- One Central Plaza, 11300 Rockville Pike, North Bethesda
- 51 Monroe St, Rockville
- Jefferson Plaza, 600 Jefferson Plaza, Rockville
- West Gude Office Park, 20, 30, 40 and 50 W Gude Dr, Shady Grove
During the company’s Q3 earnings call in October, CEO Paul McDermott alluded to the possibility of selling the properties, which he estimated to be worth around $250M. The portfolio is expected to attract a number of interested buyers due to the good condition of the properties and relatively little turnover.
WashREIT is continuing to shift its focus away from the suburbs to urban locations with convenient Metro access in the Greater DC region. Just last month, the REIT signed Capital One as an anchor tenant at Silverline Center, which is located right in the heart of Tysons and just a short distance from Tysons Corner Metro. [WBJ]