WASHINGTON, DC—Washington Real Estate Investment Trust has acquired 1775 Eye St., NW, for $104.5 million. The 185,000-square foot CBD office building is the third asset the REIT has purchased in downtown Washington this year. Year to date, WRIT has snapped up $256.5 million in office assets here.
In a prepared statement, Paul T. McDermott, president and CEO of WRIT called the transaction a "value-add" trade. Its plans for the 62% leased property include "effective leasing of this property above its current level."
The 11-story building was originally built in 1964; it is currently undergoing its second renovation including a new lobby, common areas, and fitness facility.
In March WRIT acquired The Army Navy Club building on Farragut Square here for $79 million.
In February it picked up Yale West, a multifamily property in Mount Vernon Triangle for $73 million.
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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.
