WashREIT Accelerates Transformation Into Multifamily REIT With Agreement to Sell Office Portfolio

WASHINGTON, June 15, 2021 (GLOBE NEWSWIRE) — WashREIT (NYSE: WRE) (“WashREIT” or the “Company”), as part of its multi-year strategic transformation into a multifamily REIT, announced today that it has entered into a definitive agreement to sell substantially all its office portfolio to a Brookfield Asset Management private real estate fund for an aggregate purchase price of $766 million. This office portfolio sale consists of twelve office assets, comprising 2,371,000 square feet, located in the Washington, DC metro area. The transaction is expected to close in the third quarter of 2021, subject to the satisfaction of customary closing conditions.