WASHINGTON, DC-Washington Real Estate Investment Trust has acquired 1227 25th St., NW, a rare office building in the West End that was available for sale. The eight story, 130,434-square-foot property traded for $47 million.
The building, which is 72% leased to the federal government and law firms tenants, is next to another building WRIT owns in this submarket: 2445 M St., which it acquired in 2008 for $181 million. WRIT funded its latest acquisition using cash and a line of credit. It is projecting a stabilize cash yield of 8.7%. The company was unable to return a call to GlobeSt.com in time for publication.
Another recent transaction by the REIT, which is headed by George “Skip” McKenzie, was its acquisition of 1140 Connecticut Ave. NW, at the beginning of the year. The 184,135-square-foot property traded for $80.25 million. It also acquired two office buildings within Quantico Corporate Center for $68 million last year.
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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.
