WASHINGTON, June 27, 2016 (GLOBE NEWSWIRE) -- Washington REIT (Washington Real Estate Investment Trust) (NYSE:WRE) has completed the first sale transaction of its suburban Maryland office portfolio comprising approximately 692,000 square feet for aggregate sales proceeds of $111.5 million.
The first sale transaction included 6110 Executive Boulevard, West Gude Drive, Wayne Plaza and 600 Jefferson Plaza.
As previously announced, Washington REIT’s remaining Maryland office assets (51 Monroe and One Central Plaza) are also under contract to be sold. This additional sale is expected to close late in the third quarter of 2016.
“We have successfully executed the first tranche of this previously announced strategic milestone," said Paul T. McDermott, President and Chief Executive Officer of Washington REIT. “The sale is a part of our recent capital allocation out of low-barrier suburban office and into value-add, urban in-fill, multifamily with higher growth potential, lower leasing capital requirements and greater cash-flow stability.”
Washington REIT is a self-administered, self-managed, equity real estate investment trust investing in income-producing properties in the greater Washington metro region. Washington REIT owns a diversified portfolio of 51 properties totaling approximately 6.5 million square feet of commercial space and 4,480 residential units, and land held for development. These 51 properties consist of 21 office properties, 16 retail centers and 14 multifamily properties. Washington REIT shares are publicly traded on the New York Stock Exchange (NYSE:WRE).
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially. Such risks, uncertainties and other factors include, but are not limited to, the potential for federal government budget reductions, changes in general and local economic and real estate market conditions, the timing and pricing of lease transactions, the availability and cost of capital, fluctuations in interest rates, tenants' financial conditions, levels of competition, the effect of government regulation, the impact of newly adopted accounting principles, and other risks and uncertainties detailed from time to time in our filings with the SEC, including our 2015 Form 10-K and subsequent quarterly reports on Form 10-Q. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
Source: Washington REIT