Two Washington, D.C. office assets trade for $106.5M
JLL Capital Markets led sales efforts for Monument II in Herndon, Virginia and 1227 25th Street, NW in Washington, D.C.
The sales consisted of Monument II, a Class A office building with over 200,000 square feet in Herndon, Virginia, to an affiliate of Westbrook Partners and 1227 25th Street, NW, a 136,540-square-foot office asset in Washington, D.C. to an undisclosed purchaser.
“These sales further strengthen our balance sheet ahead of the post-vaccine recovery and align with our strategy to reduce our exposure to office assets, allowing us to de-risk our portfolio and improve our ability to create long-term shareholder value,” said Paul T. McDermott, President and CEO of WashREIT. “We are pleased with the execution of these sales, which is a testament to the quality of our office tenants and the resilience of the D.C. Metro economy.”
Monument II is located at 12950 Worldgate Drive along the Dulles Toll Road (Route 267) in the Reston-Herndon submarket of Washington, D.C. This location offers unrivaled access to the greater Washington, D.C. area via Northern Virginia’s extensive roadway network, while also offering direct walkable access to more than 230,000 square feet of retail amenities at the adjacent Worldgate Centre and the future Herndon Metrorail station. Completed in 2000, Monument II is an eight-story office building with a five-level parking facility.
1227 25th Street, NW is positioned at the confluence of Georgetown and Washington, D.C.’s central business district, surrounded by premier hotels, upscale restaurants and popular fitness studios. Additionally, the property has excellent regional accessibility via vehicular and mass transit options.
The JLL Capital Markets team representing the seller, WashREIT, in both transactions was led by Stephen Conley, Matt Nicholson, Jim Meisel, Andrew Weir and Dave Baker.
JLL Capital Markets’ Dan McIntyre and Paul Spellman assisted the buyer of Monument II with its financing of the acquisition.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.