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1775 I Street NW Update 08/06/21

Brookfield Acquires 5 DC Office Buildings for Nearly $250M

Earlier this week WashREIT announced it has completed the previously announced sale of 12 office assets, representing the entire office portfolio excluding Watergate 600, for gross proceeds of $766 million. WashREIT plans to use the net proceeds of the sale to fund the expansion of its multifamily platform and to reduce leverage by repaying outstanding debt, starting with the redemption of all $300 million of senior unsecured notes due 2022 on or about August 26, 2021 in accordance with their terms. Additional progress on its multifamily transformation and expansion into targeted Southeastern markets will be discussed during the company’s second-quarter earnings call on July 30, 2021.

“The successful sale of our office portfolio represents a significant milestone in our multi-year strategic transformation into a multifamily REIT,” said Paul T. McDermott, President and CEO of WashREIT. “We are pleased with the execution of this sale, which provides significant capital to continue our growth as we geographically diversify into targeted Southeastern markets.”

Five of these assets have been acquired by Brookfield for a total of $247.85M. The properties include 

1220 19th Street NW a 103,000 square foot property that traded $24.25M.

1140 Connecticut Ave NW a 180,000 square foot building that traded for $38.8M.

1901 Pennslyvania Ave NW which traded for $40.3M and features around 100,000 square feet of office space.

Army-Navy Building which closed at $64M.

1771 I Street a roughly 188,000 square foot building that sold for $80.5M. Wash REIT has acquired this property in April 2014 for $104.5M

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