JLL closes $766M sale of 12-property office portfolio

The 2.3-million-SF-portfolio sale sets the stage for WashREIT's multifamily transformation in Washington, D.C. and Southeast markets

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JLL

Aug 16, 2021, 08:00 ET

WASHINGTON, Aug. 16, 2021 /PRNewswire/ -- JLL announced today that its Capital Markets group has closed the $766 million sale of a 12-property office portfolio totaling 2.3 million square feet in the Washington, D.C. metropolitan area.

JLL represented the seller, WashREIT, accelerating WashREIT's transformation into a multifamily-focused REIT.

The portfolio sale consists of six office properties across Northern Virginia and six in Washington, D.C.'s central business district.

JLL's Capital Markets team representing the seller was led by Stephen Conley, Matt Nicholson, Jim Meisel, Andrew Weir, Dave Baker and Chris Capece.

"We greatly appreciated the opportunity to work with WashREIT on this transformative transaction and taking the lead on reopening the Washington, D.C. marketplace," Conley said.

JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About WashREIT
WashREIT owns and operates real estate assets in the Washington D.C. market. Backed by decades of experience, expertise, and ambition, the firm creates value by transforming insights into strategy and strategy into action. WashREIT's portfolio of 31 properties includes 7,059 multifamily apartment units and approximately one million square feet of commercial space.

About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

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Contact: Kristen Murphy, JLL Senior Manager, Public Relations
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SOURCE JLL