WASHINGTON, DC-Boston Properties has reached an agreement to sell an office building on New York Avenue here that is leased to the Department of Justice for $135 million.
The real estate investment trust is in the process of selling 1301 New York Ave. NW to an undisclosed buyer for approximately $716 a square-foot, according to a report in the Washington Business Journal. Boston Properties signed the Department of Justice to a long-term lease renewal at the 188,358-square-foot building and earlier this year retained Eastdil Secured to market the property for sale.
The transaction was disclosed in a Boston Properties' earnings release on Tuesday. Company executives discussed the pending sale in an investor call earlier today. The transaction is expected to close in August.
Boston Properties' President Douglas Linde says there was strong interest in the 1301 New York Avenue NW building due to the federal government's lease that now extends through 2029. However, Linde did note that the agreed upon sale price fell into the mid-point of its projected sale ranges. See story in the Washington Business Journal.
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