Washington REIT To Buy Arlington Tower For $250M

Arlington Tower

ROSSLYN, VA–Washington REIT has announced news regarding three transactions. One is that it has entered into a definitive agreement to purchase Arlington Tower, a 398,000-square foot office building here for approximately $250 million. The REIT expects to close the acquisition in the first quarter of 2018. Built in 1980 and renovated in the past five years with capital improvements of approximately $16 million, the 19-story Arlington Tower is located at 1300 North 17th St., two blocks from the Rosslyn Metro station.

At the same time, the REIT has also executed a non-binding Letter of Intent with an institutional buyer to sell 2445 M St., NW, its 292,000 square foot DC office building where the sole tenant, the Advisory Board Co., is expected to vacate on May 31, 2019. The proposed sale is still under negotiation and Washington REIT will announce the anticipated proceeds and closing date for the sale after it has entered into a contract with the buyer.