HERNDON, VA-Like other locally-based REITs, Washington Real Estate Investment Trust is stepping up its capital recycling, selling off properties it has held on its books in order to invest in newly-developed strategies. Its $58.8-million sale of phase 1 Dulles Station West illustrates this strategy--along with its acquisition several days ago of a West End office building.
Located at 2300 Dulles Station Blvd. here, Dulles Station West Phase I is an 180,000-square-foot office building fully leased to such tenants as IBM and National Student Clearinghouse. Phase II, which was not included in the transaction, is zoned for future development of a 340,000-square-foot office building.
Earlier this month WRIT acquired 1227 25th St., NW, an eight story, 130,434-square-foot building, for $47 million. The REIT’s strategy of investing in core assets was highlighted by CEO George McKenzie last year when WRIT acquired two office buildings within Quantico Corporate Center for $68 million.
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