Washington Real Estate Investment Trust entered into a definitive agreement to acquire Arlington Tower in Rosslyn, Virginia from Tishman Speyer Properties, L.P. for approximately $250 million.
January 01, 2018
Share
Washington Real Estate Investment Trust (NYSE:WRE) entered into a definitive agreement to acquire Arlington Tower in Rosslyn, Virginia from Tishman Speyer Properties, L.P. for approximately $250 million on December 29, 2017. The consideration is subject to adjustments. The deposit is $6.25 million. In a related transaction, Washington Real Estate Investment Trust entered into a non-binding letter of intent to sell 2445 M Street NW. Washington REIT funded the acquisition with borrowings on its unsecured line of credit and proceeds from property sales. The transaction is subject to the satisfaction of customary closing condition and it is expected to close in the first quarter of 2018. Matthew A. Scoville of Hunton Andrews Kurth LLP acted as the legal advisor and Cushman & Wakefield acted as a broker to Tishman Speyer in the transaction. Carol Weld King of Morris, Manning & Martin, LLP acted as the legal advisor to Washington Real Estate as part of the transaction. Chicago Title Insurance Company acted as the escrow agent in the transaction.
Elme Communities is a multifamily real estate investment trust. The Company operates in a single reportable segment which includes the ownership, development, redevelopment and acquisition of apartment communities. It owns and operates approximately 9,400 apartment homes in the Washington, DC metro and the Atlanta metro regions, and owns approximately 300,000 square feet of commercial space. Its properties include Elme Alexandria, Cascade at Landmark, Clayborne, Riverside Apartments, Bennett Park, Park Adams, The Maxwell, The Paramount, The Wellington, Trove, Roosevelt Towers, Elme Dulles, Elme Herndon, The Ashby at McLean, Kenmore Apartments, Elme Watkins Mill, Elme Germantown, Elme Eagles Landing, Elme Druid Hills and Watergate 600.
Washington Real Estate Investment Trust entered into a definitive agreement to acquire Arlington Tower in Rosslyn, Virginia from Tishman Speyer Properties, L.P. for approximately $250 million.
ELME COMMUNITIES 
