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WRIT completes sale of medical office portfolio assets

Washington Real Estate Investment Trust (WRIT) has completed the final two separate sale transactions of its medical office portfolio by closing on the sale of Woodburn I & II and Prosperity I, II and III for an aggregate sales price of USD193.6m, or USD453 per square foot.

WRIT completed the first two medical office portfolio transactions in November 2013 for USD307.2m.
 
The aggregate sale proceeds for the entire medical office portfolio are USD500.8m.
 
The sole buyer in these transactions is Harrison Street Real Estate Capital.
 
"We are pleased to announce the completion of the medical office portfolio disposition, the largest transaction in our company's 53-year history. The smooth completion of this transaction is a credit to our organisation and the many individuals who worked diligently on this transaction for nearly ten months. With the sale completed we look forward to strategically repositioning the portfolio even further," says Paul T McDermott, president and chief executive officer of WRIT.

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