Washington Real Estate Investment Trust (WRIT) (NYSE: WRE) 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 (Photo: Washington Real Estate Investment Trust)
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.“Fairgate at Ballston provides an excellent opportunity to acquire an office asset in the Rosslyn-Ballston corridor, one of the top submarkets in the Washington region. The property’s close proximity to Metro and I-66 aligns well with our long term strategy of owning buildings in dense, infill locations serviced by transit,” said George “Skip” McKenzie, President and Chief Executive Officer of WRIT. WRIT is a self-administered, self-managed, equity real estate investment trust investing in income-producing properties in the greater Washington metro region. WRIT owns a diversified portfolio of 72 properties totaling approximately 9 million square feet of commercial space and 2,540 residential units, and land held for development. These 72 properties consist of 27 office properties, 18 medical office properties, 16 retail centers and 11 multifamily properties. WRIT shares are publicly traded on the New York Stock Exchange (NYSE:WRE).