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HomeBusinessLiberty Property Trust Sells DC Office Building for $61.75 Million

Liberty Property Trust Sells DC Office Building for $61.75 Million

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Liberty Property Trust has sold 1100 17th Street NW, a high-rise 146,979 square foot office building in Washington, D.C., in a deal worth $61.75 million.

The property was 65.7 percent leased at closing. Liberty was represented by Cushman & Wakefield’s Bill Collins and Shaun Weinberg in the deal.

The 12-story office building is located in the heart of Washington’s central business district. It is three blocks from the White House, and closer to many Metro stations. The building was first developed in 1963 and renovated in 1998.

Liberty Property Trust is a commercial real estate leader and one of America’s largest companies in the field. It has a 106.1 million square foot operating portfolio that offers productive work environments to 1,200 tenants. The firm serves customers in key markets of the United States and the United Kingdom, as it owns and manages 103 million square feet of industrial and office properties in both countries.

Last month, Liberty announced a cash dividend of $0.41 per share on the company’s common shares of beneficial interest for the first quarter of 2019. “This is equivalent to an annualized dividend of $1.64 per share and represents a 2.5 percent increase from the previous annualized dividend of $1.60 per share. The dividend will be payable on April 15, 2019, to shareholders of record on April 1, 2019,” according to the company press release.

The company provides high-value corporate real estate solutions in development, leasing, tenant service, and development and management of sustainable real estate.

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