WASHINGTON, Dec. 14, 2015 /PRNewswire/
-- Washington REIT (Washington Real Estate Investment Trust –
NYSE: WRE) and its partner Crimson Partners have reached 93% leased
at The Maxwell, a luxury 163-unit, ground-up multifamily
development with 2,200 square feet of retail in Arlington, VA. The LEED® Gold certified
building began on-site leasing in January
2015 and is now stabilized.
"The lease-up of The Maxwell demonstrates Washington REIT's
ability to successfully execute from beginning to end on a
ground-up development and generate attractive returns for our
shareholders," said Thomas Q. Bakke,
Executive Vice President and Chief Operating Officer of Washington
REIT. "The Maxwell is a top-quality asset positioned close to metro
in a dynamic urban neighborhood that will further benefit from the
expected redevelopment of Ballston Common Mall."
The Maxwell is located within a short walk of the Ballston Metro
Station, at the corner of North Glebe Road and North Carlin Springs
Road, across from the stores of the Ballston Common Mall, down the
street from a Harris Teeter grocery
store, and within an easy walk to Ballston's numerous restaurants
and bars. The property's 2,200 square feet of retail space is
leased to a fitness studio.
"The lease-up of The Maxwell, and the previously announced
lease-up of Silverline Center and 1775 Eye Street, mark the
achievement of our three most important leasing goals this year and
provide increased certainty around the significant net operating
income addition that these assets are expected to generate for our
shareholders on a stabilized annualized basis," noted Mr.
Bakke.
Washington REIT is a self-administered, self-managed, equity
real estate investment trust investing in income-producing
properties in the greater Washington metro region. Washington REIT owns
a diversified portfolio of 55 properties totaling approximately 7
million square feet of commercial space and 3,258 residential
units, and land held for development. These 55 properties consist
of 25 office properties, 17 retail centers and 13 multifamily
properties. Washington REIT 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 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 2014 Form 10-K and subsequent quarterly reports
on Form 10-Q. We assume no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events.
CONTACT:
|
|
1775 Eye Street, NW,
Suite 1000
|
Tejal
Engman
|
Washington, DC
20006
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Director of Investor
Relations
|
Tel
202-774-3200
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E-Mail:
tengman@washreit.com
|
www.washreit.com
|
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SOURCE Washington Real Estate Investment Trust