Watergate 600 sold for $600 to Washington REIT

by   CIJ USA
2017-03-24   15:42
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Washington Real Estate Investment Trust is set to close on the purchase of 600 New Hampshire Avenue, NW, for approximately $135 million in a transaction that is structured to include the issuance of units for a portion of the purchase price. The 309,000 sqf office building, located on the Potomac riverfront in Washington, D.C. is part of the Watergate Complex. Commonly referred to as Watergate 600, the twelve-story office building was 97 percent leased at the of the deal. Originally delivered in 1972 and renovated extensively in 1997, the new owner will undertake an upgrade of the facility by expanding the lobby and rooftop, adding a new fitness facility and conference center, and investing in major systems renewals.

“The acquisition of Watergate 600 exemplifies Washington REIT’s office strategy of acquiring high-quality, urban, metro-centric assets that further increase our footprint within prime locations in the District,” said Paul T. McDermott, President and Chief Executive Officer of Washington REIT. “Following the company’s value-add success at 1775 Eye Street, which was acquired and renovated in 2014, 600 New Hampshire provides Washington REIT with another excellent opportunity to create value for our shareholders through effective repositioning and leasing.”