Nearly six months after announcing a pending agreement, Washington Real Estate Investment Trust has closed on the acquisition of 2445 M Street, a Class A, nine-story, 290,000-square-foot office building in Washington, D.C., for $181.4 million. WRIT bought the building, located in the West End submarket between Georgetown and the city’s Central Business District, from Broadway Partners, a New York City-based private equity firm that has invested heavily in Class A office properties in recent years. The property, which also has a two-story underground parking garage, is fully leased by two long-term tenants, The Advisory Board and the law firm of Patton, Boggs. The REIT assumed a $101.9 million loan with an interest rate of 5.619 percent per year that matures in January 2017, according to documents filed by WRIT with the SEC. The remaining balance was funded through the REIT\u2019s line of credit and cash from a recent equity offering. WRIT said it expected to achieve a first-year, leveraged yield of 6.7 percent on a cash basis and 7.2 percent on a GAAP basis, according to a company news release. CPN reported Dec. 29, 2006, that Broadway Partners had acquired 2445 M Street as part of a $3.3 billion, 10-building portfolio it had purchased from Beacon Capital Partners. That blockbuster deal included the John Hancock Tower in Boston, Denver\u2019s Bank One Tower, several Los Angeles holding and 1615 L St. NW in Washington, D.C. In recent months, the firm has been selling off several high-profile properties including Citigroup Center, a 48-story office building it had bought at the same time as 2445 M Street. Headquartered in Rockville, Md., WRIT is a self-administered, self-managed equity REIT that targets properties in Metropolitan Washington, D.C. The company’s portfolio of 93 assets includes 28 office centers, 17 medical office properties, 14 retail centers, 22 industrial\/flex properties, 12 multi-family properties and developable land. As reported Sept. 8 by CPN, the REIT acquired The Kenmore, a 374-unit luxury apartment community in northwest Washington, D.C. for $58.3 million form Smith Property Holdings 4411 Connecticut L.L.C. The 11-story building is about 96 percent leased. Other acquisitions this year have included two medical office properties. It bought a 36,000-square-foot building in Sterling, Va., for $6.5 million in May and an 85,300-square-foot medical office building in Loudon County, Va., for $19.5 million in April.<\/p>\n","protected":false},"excerpt":{"rendered":"
Nearly six months after announcing a pending agreement, Washington Real Estate Investment Trust has closed on the acquisition of 2445 M Street, a Class A, nine-story, 290,000-square-foot office building in Washington, D.C., for $181.4 million. WRIT bought the building, located in the West End submarket between Georgetown and the city’s Central Business District, from Broadway…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1003919590","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\n