Washington Real Estate Investment Trust Acquires Fairgate at Ballston for $52.25 Million
June 25 2012 - 7:07AM
Business Wire
Washington Real Estate Investment Trust (WRIT) (NYSE: WRE) has
acquired Fairgate at Ballston, a 147,000 square foot office
building in Arlington, Virginia, for $52.25 million in an all cash
transaction.
Fairgate at Ballston is an eight-story office building with a
three-level underground parking garage, located at 1005 N. Glebe
Road, in close proximity to U.S. Route 66 and three blocks from the
Ballston Metro Station (Orange Line). The property was built in
1988 and is 82% leased to a diverse mix of office tenants.
The vibrant Ballston submarket encompasses 24 million square
feet of office space, characterized by high density and an amenity
base that includes retail, hotels and multifamily product. Fairgate
at Ballston is located a half mile from WRIT’s multifamily
development at 650 N. Glebe Road.
WRIT funded the acquisition with available capacity on its line
of credit.
“Fairgate at Ballston provides an excellent opportunity to
acquire an office asset in the Rosslyn-Ballston corridor, one of
the top submarkets in the Washington region. The property’s close
proximity to Metro and I-66 aligns well with our long term strategy
of owning buildings in dense, infill locations serviced by
transit,” said George “Skip” McKenzie, President and Chief
Executive Officer of WRIT.
WRIT is a self-administered, self-managed, equity real estate
investment trust investing in income-producing properties in the
greater Washington metro region. WRIT owns a diversified portfolio
of 72 properties totaling approximately 9 million square feet of
commercial space and 2,540 residential units, and land held for
development. These 72 properties consist of 27 office properties,
18 medical office properties, 16 retail centers and 11 multifamily
properties. WRIT shares are publicly traded on the New York Stock
Exchange (NYSE:WRE).
Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements involve known and unknown
risks, uncertainties, and other factors that may cause actual
results to differ materially. Such risks, uncertainties and other
factors include, but are not limited to, the potential for federal
government budget reductions, changes in general and local economic
and real estate market conditions, the timing and pricing of lease
transactions, the effect of the current credit and financial market
conditions, the availability and cost of capital, fluctuations in
interest rates, tenants' financial conditions, levels of
competition, the effect of government regulation, the impact of
newly adopted accounting principles, and other risks and
uncertainties detailed from time to time in our filings with the
SEC, including our 2011 Form 10-K and first quarter 2012 Form 10-Q.
We assume no obligation to update or supplement forward-looking
statements that become untrue because of subsequent events.
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