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Office Properties sells Washington, DC, building for $70M

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Capital Markets View – January 2021


Office Properties sells Washington, DC, building for $70M

Office Properties Income Trust sold the 500 First Street NW property in Washington, D.C., for $70 million, excluding closing costs.

The 129,035-square-foot property is expected to become vacant in the second quarter.

In a statement, the real estate investment trust's President and CEO David Blackman said the company had planned to renovate and reposition the property after the Bureau of Prisons' planned move-out, but the per-square-foot price of more than $540 for a soon-to-be vacant property was deemed more opportunistic.

The sale proceeds are marked for partial repayment of the company's unsecured term loans.