Cushman & Wakefield Represents Washington REIT in Office Investment Sale
Cushman & Wakefield announced today that it has represented Washington REIT in the sale of four suburban Maryland office properties to Brookfield Property Partners.
Cushman & Wakefield’s Paul Collins, Bill Collins, Drew Flood and Shaun Weinberg represented Washington REIT in the sale of 6110 Executive Boulevard, West Gude Drive and 600 Jefferson Plaza in Rockville, MD, and Wayne Plazain Silver Spring, MD.
“This sale is part of Washington REIT’s ongoing migration out of suburban offices and into more urban assets,” said Paul Collins, Cushman & Wakefield Vice Chairman. “The heavily multi-tenanted nature of these assets along with the repositioning opportunity is an ideal fit for Brookfield, which has an excellent track record with these types of assets.”
The properties total 702,610 square feet, are currently 90% leased and are located proximate to Red Line Metro stations in amenity rich locations that include Downtown Silver Spring, Pike & Rose, North Bethesda Market, Rockville Town Square and King Farm.The continued and future development of these locations has all contributed to making these areas fully amenitized transit oriented mixed-use destinations. High profile tenants including Comcast, George Washington University, State of Maryland, Montgomery County, Federal Realty Investment Trust, Henry M. Jackson Foundation, KAI Research, Inc., Research Triangle Institute and Lockheed Martin are representative of the tenant base.
About Washington REIT
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 56 properties totaling approximately 7 million square feet of commercial space and 3,053 residential units, and land held for development. These 56 properties consist of 25 office properties, 17 retail centers and 14 multifamily properties. Washington REIT shares are publicly traded on the New York Stock Exchange (NYSE: WRE).
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
