Washington Gas sells stakes in Maritime Plaza

WGL Holdings, parent company of Washington Gas Light has sold its interest in two buildings at Maritime Plaza in Southeast Washington to pension fund investor the Bernstein Group.

The company did not disclose the sale price.

Maritime Plaza is an office park being developed by Lincoln Property Company on a 12 acre tract of land owned by WGL Holdings on the Anacostia waterfront at 12th and M Street SE. The first phase of the project began in September 2000 and is being developed in five phases over the next several years.

"The sale of the two office buildings demonstrates our commitment to productive reuse of company assets," said WGL Holdings CEO James DeGraffenreidt Jr. in a statement.

Last year, WGL Holdings sold its downtown Washington headquarters building at 11 H Street NW to RB Associates of Washington for $16.3 million. It had been home to Washington Gas since 1943. The company has since relocated to its new, leased headquarters at 101 Constitution Ave. NW.

Source: Washington Business Journal
Author: Jeff Clabaugh