Big Deals on Both Sides of the River
WRIT continues its downtown buying splurge, announcing yesterday it purchased 1775 Eye St from Lincoln Property Company for $104.5M. It's a value-add play for WRIT, as the building is just 62% leased. (Optimists call that 62% full. Pessimists won't return our calls, as none of this will matter if an asteroid hits.) The REIT has spent $256M on DC acquisitions this year. WRIT tells us there were no brokers involved.
Over in Fairfax, Carr Properties has just sold Gatewood Plaza, an 89k SF office on Fairfax Boulevard, to Diversified International Partners for $13.7M, according to Fairfax City records. The building is 84% leased; the HFF team of Jim Meisel, Dek Potts, Andrew Weir, Steve Conley, Matt Nicholson, and Amanda Gross repped Carr.