Boston Properties sells office complex in Washington, D.C., for $254m
Boston Properties has sold the 455,000-square-foot Capital Gallery, a class A office complex in Washington, D.C., for $254 million to the Smithsonian Institution.
Boston Properties will continue to provide property management services for the Capital Gallery property and will retain ownership of 177,000 square feet of the property, which includes 157,000 square feet of office space, 20,000 square feet of retail and a 465-space parking garage. The portion of the property retained by the company is approximately 100 percent leased.
In other news, for the month of June, the company collected more than 98 percent of its total rent payments from office tenants due June 1. Rent collections from all tenants, including retail, were 94 percent in total.
“As state and local regulators are starting to reopen the economies in our core markets, we are actively assisting our customers with plans to repopulate their offices,” said Owen Thomas, CEO, Boston Properties. “