Washington Real Estate Investment Trust buys office building in Alexandria for $101 million
- September 14, 2011
Washington Real Estate Investment Trust (WRIT) announced Wednesday that it has purchased Braddock Place, a 345,000-square-foot office campus along the Metro in Old Town Alexandria for $101 million.
The REIT said the deal was an all cash transaction. The campus, consisting of four office buildings and a two-level underground parking garage, is located in the northwest quadrant of Old Town and is immediately adjacent to the Braddock Road Metro Station (yellow and blue lines), one stop away from Reagan National Airport.
The properties, built in 1985, are 92 percent leased to 13 office tenants including associations and government contractors. WRIT said in a press release that it funded the acquisition with cash proceeds from the recent sale of its industrial portfolio. “Braddock Place is a high quality office campus in an excellent inside-the-Beltway location, on a Metro, which fits perfectly with our long-term strategy. We have many capital improvements and upgrades planned in the near term to modernize the common areas and maximize future rental rate growth,” said George “Skip” McKenzie, the company’s president and CEO.
WRIT, based in Rockville, Md., owns a diversified portfolio of 75 properties totaling about 9 million square feet.