WASHINGTON, DC-Several office sales occurred in the first weeks of the year, most recently two trades by Vornado Realty Trust. The REIT sold 1140 Connecticut Ave. and has entered into an agreement to sell 1227 25th St. for $127 million. The two buildings total 319,000 square feet and their sale will result in net proceeds of $107 million, with a gain of $44 million to be recognized in the first quarter of 2011.
First Potomac Realty Trust is another REIT active in the area. Over the last several days it has continued its acquisition spree, buying 7458 Candlewood Rd., a 295,673-square-foot warehouse facility in Hanover, MD for $22.6 million and 440 First St., NW in Washington DC for $15.3 million. The latter trade was the REIT’s fourth office building acquisition in the city.
Then there was the sale of 7220 Wisconsin Ave. in Bethesda, MD--a rare property trade in that submarket. The 40,389-square foot building sold for $15 million in an off-market trade to JBG Cos. from Stephen A. Goldberg Cos. HFF’s Jim Meisel and Dek Potts brokered that deal. The building traded at a 7% cap rate, Meisel tells GlobeSt.com.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
