Washington Real Estate Investment Trust Has Completed its Acquisition of 1700 Research Boulevard for $14.25M

Washington Real Estate Investment Trust WRE has completed the sale of 1700 Research Boulevard, a 101,000 square foot office building in Rockville, Maryland for $14.25 million. 1700 Research Boulevard was built in 1982 and acquired by WRIT in 1999. WRIT achieved a net book gain of $4.0 million. The buyer is a partnership that includes a long-time tenant of the property. "Earlier this year we announced our intent to focus the next phase of our strategic dispositions on suburban office buildings that no longer fit our long-term vision. Selling 1700 Research Boulevard allows us to continue to hone our strategy of owning properties inside the Beltway, near major transportation nodes and in areas with strong employment drivers and superior growth demographics," stated George F. “Skip” McKenzie, President and Chief Executive Officer of WRIT.