WASHINGTON, DC—Washington REIT became aware about a year ago that the Advisory Board would likely be vacating its 290,000-square foot West End office at 2445 M St., NW, given that the Board was seeking more than 500,000 square feet, CEO Paul McDermott said in the Q3 earnings calls.

The Board's lease expires on May 31, 2019 at which point it will be moving to a new development in Mount Vernon Square.

When it vacates, McDermott said, WRIT expects it will have an anchor tenant signed. "We have already received inbound inquiries from tenant representatives," he said, adding that "early recapture of the space prior to lease expiration would be optimal for us."

The REIT, in fact, is in active discussions at a number of its properties include its "needle movers" as McDermott referred to Silverline Center, a Tysons, VA office, The Maxwell, an Arlington, VA apartment and 1775 Eye St., NW

At Silverline, Washington REIT is in active discussions with four large prospects, all requiring at least 70,000 square feet of space. Obviously it can't accommodate all four prospects in the 532,000 square foot building, but the 65% leased building is expected to stabilize by the end of 2016, McDermott said, "with economics that are in line with pro forma."

Washington REIT is also in final negotiations with two leases for 1775 Eye St., which is currently 89% leased. The two leases will take it to 97% occupancy.

The Maxwell is now 84% leased "with a weekly leasing run-rate and price per foot that have met underwriting expectations," McDermott said.