JLL closes $766M sale of 12-property office portfolio
On August 16, 2021, JLL announced the successful closure of a $766 million sale of a 12-property office portfolio, totaling 2.3 million square feet, in the Washington, D.C. metropolitan area. This transaction aids WashREIT in its transformation into a multifamily-focused REIT. The portfolio includes six properties in Northern Virginia and six in D.C.'s central business district. JLL's Capital Markets team led by Stephen Conley played a crucial role in the deal, enhancing JLL's reputation as a leader in capital markets solutions.
- Successful closure of a $766 million sale, positively impacting JLL's financial standing.
- Support for WashREIT's strategic shift towards multifamily assets, suggesting solid client relationships.
- None.
WASHINGTON, Aug. 16, 2021 /PRNewswire/ -- JLL announced today that its Capital Markets group has closed the
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.
For more news, videos and research resources on JLL, please visit our newsroom.
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
Connect with us
https://www.linkedin.com/company/jll
https://www.facebook.com/jll
https://twitter.com/jll
https://www.instagram.com/jll
Contact: Kristen Murphy, JLL Senior Manager, Public Relations
Phone: +1 617-848-1572
Email: Kristen.Murphy@am.jll.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/jll-closes-766m-sale-of-12-property-office-portfolio-301355256.html
SOURCE JLL
FAQ
What was the value of the property portfolio sold by JLL?
How large was the office portfolio sold by JLL?
What geographical areas did the sold properties cover?
Who led JLL's Capital Markets team for this transaction?
What strategic transformation does the sale support for WashREIT?
