Real Estate Management and Development
Company Overview of Washington Property Company
Washington Property Company operates as a commercial real estate company. It provides commercial real estate services, including acquisition and financing, development and land use, property management, construction management, and leasing. The company’s portfolio of properties includes office developments, high-rise renovations, and retail centers. It also provides real estate products in commercial, retail, and mixed-use projects in the Washington, D.C. metropolitan area. Washington Property Company was incorporated in 2004 and is based in Bethesda, Maryland.
4720 Montgomery Lane
Bethesda, MD 20814-3451
Founded in 2004
Key Executives for Washington Property Company
President of WPC Management
Vice President of Leasing
Compensation as of Fiscal Year 2015.
Washington Property Company Key Developments
Montgomery County and Washington Property Company Sign Agreement for New County Progress Place Homeless Service Center
Jul 7 14
Montgomery County and the Washington Property Company (WPC) have signed an agreement that will result in a new County Progress Place homeless service center, more affordable housing for working families, and transit-oriented development in the emerging Ripley District in Silver Spring. The County is leveraging one County Parking Lot District parcel and two County-owned parcels in exchange for a new Progress Place building and a $3.25 million payment by Washington Property Company to the Silver Spring Parking Lot District. Washington Property Company will build a new four-story Progress Place on County-owned property behind Fire Station #1 in Silver Spring. Under the terms of the agreement, WPC will build the new $13 million facility at no cost to the County. The County government and its contractors, Shepherd's Table and Community Vision, will operate the center. The building will contain three floors of Progress Place program and one floor of Personal Living Quarters (PLQs). The County will be paying for the design and construction of the 21 PLQs, which will be affordable housing for chronically homeless individuals. The addition of housing to the developer-built Progress Place is an opportunity for the County to help address the critical need for supportive housing for medically vulnerable and chronically homeless population. The co-location of County facilities on the fire station site lessens the impacts to the surrounding community by placing the new building on the site of an existing County facility, maximizes the use of public land and reduces environmental impacts by redeveloping a surface parking lot. In exchange, WPC will obtain the deed to three contiguous land parcels totaling about 1.5 acres, where the current Progress Place facility is located. They will redevelop the site with a high-rise residential building with several hundred apartments containing 15% Moderately Priced Dwelling Units. This parcel adjoins WPC's new Solaire-Silver Spring apartment community, located at 1150 Ripley Street, just 700 feet from the Silver Spring Metro station.
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