Washington Property Company (WPC) of Bethesda, MD has acquired two office buildings in the Maryland and Virginia suburbs of Washington, DC for a total of $7.96 million. These acquisitions – one in Montgomery County, MD and the other in Fairfax County, VA – represent deep-value opportunities from motivated sellers.
Washington REIT has signed a contract to acquire 600 New Hampshire Avenue, NW, a 309,000 square foot Class A office building on the Potomac riverfront in Washington, DC, for approximately $135 million ($437 per square foot). Built in 1972 and renovated extensively in 1997, the 12-story Watergate 600 is one of the six buildings that comprise the internationally recognized Watergate complex. Atlantic Media is the lead tenant under a long-term lease.
StoneBridge Investments of Washington, DC has acquired 550 Abernathy Apartments, a 228-unit apartment community in the greater Atlanta submarket of Sandy Springs, for $31 million. The property is located at 550 Abernathy Road NE within Perimeter Center, a fast-growing “edge city” that encompasses three small cities: Brookhaven, Dunwoody, and Sandy Springs. It is Atlanta’s largest employment center, with over 123,000 employees, 31 million SF of office space, three major hospitals, and six million SF of retail space including the 1.5 million SF Perimeter Center Mall.
StoneBridge Investments of Washington, DC has acquired Beech’s Farm, a 135-unit rental apartment community in Columbia, MD, for $25.5 million. The new ownership plans unit renovations and a new fitness center. StoneBridge’s European investors were attracted to the area’s strong economy and demographics.