Report: Braddock Place Sold for $101 Million

Washington Real Estate Investment Trust has acquired the Braddock Place office complex next to the Braddock Road Metro station for $101 million, according to a report from Businesswire.com.

The purchase was an all-cash transaction, according to the report.

The complex houses 13 office tenants, including associations and government contractors.

The new owners plan several upgrades to the complex.

“Braddock Place is a high quality office campus in an excellent inside the Beltway location, on a Metro, which fits perfectly with our long term strategy. We have many capital improvements and upgrades planned in the near term to modernize the common areas and maximize future rental rate growth,” George McKenzie, President and CEO of WRIT, told Businesswire.com.

The area surrounding the complex currently has several new mixed-use and residential projects underway or in the plans.

Last Thursday, the Alexandria Planning Commission approved the first of the five-phase Braddock Gateway development. Phase 1 includes the demolition of two warehouses on First Street and the creation of a residential building with a 15-story central tower and two smaller wings. The building will also include ground-floor retail and two levels of underground parking.

The developer, Jaguar Development LC, has pledged $1.6 million in monetary contributions to the city, including $1 million to the city’s Affordable Housing Fund.