500 First St., NW Trades for $70M
Office Properties Income Trust had planned to reposition the building but the price was too good to resist.
WASHINGTON, DC—Office Properties Income Trust has sold 500 First St., NW for $70 million, excluding closing costs.
The 129,035-square foot property is located two blocks from Union Station and is expected to become vacant during the second quarter of 2019.
“We had planned to substantially renovate and reposition 500 First Street after the Bureau of Prisons vacated the building as early as the end of April, but at a sales price of more than $540 per square foot for a to be vacant building, we decided to be opportunistic and focus our capital elsewhere,” said David Blackman, OPI’s President and Chief Executive Officer, in a prepared statement.
“This sale helps advance our deleveraging efforts, having now completed $268.5 million of asset sales so far in 2019.”