Washington Real Estate Investment Trust Acquires Fairgate at Ballston for $52.25M

Washington Real Estate Investment Trust (WRIT)

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.