WASHINGTON, DC—Boston Properties' 335-unit apartment building at 2221 I St., NW, has found a buyer, the REIT announced during its earnings call this week. The 12-story building, which also has about 50,000-square feet of retail, is trading for $196 million, or $585,075 per unit. The property went under contract on Jan. 15.
The buyer was not announced.
As part of the transaction, Boston Properties has agreed to provide up to $6 million should the property's net operating income fail to achieve certain thresholds. Tenants include Whole Foods, Citibank, Circa at Foggy Bottom, Sweetgreen and Roti.
Boston Properties maintains a significant presence in the DC area. As of Sept. 30, 2014, its 10.8 million square feet of properties was 96.1% occupied.
As of Dec. 31, 2014, the REIT's entire portfolio consisted of 169 properties for a total of approximately 45.8 million square feet, including ten properties under construction totaling 3.3 million square feet.
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