DC-Area Office Asset Trades for $79M
- Nov 02, 2016
By Bogdan Odagescu, Associate Editor
The property was sold by California State Teachers’ Retirement System for $78.8 million. Eastdil Secured represented the seller. According to Yardi Matrix data, Atlantic Realty Cos. drew an undisclosed amount from a $66.6 million line of credit held by CIBC. The property last traded in June 2000, for $75.5 million.
Located at 1593-1595 Spring Hill Road, the 347,332-square-foot asset was completed in 1987 and offers 26,084-square-foot floor plates. The Fairfax County property is located just one block away from the Spring Hill station on Metrorail’s Silver Line, which opened in mid-2014.
The seven-story suburban office buildings feature a 125-seat conference facility, 1,231 parking spots, on-site fitness center and café, as well as tennis and basketball courts.
Last year in March, Atlantic Realty and Angelo, Gordon & Co. partnered on the $82 million buy of a four-building, 500,000-square-foot Reston portfolio. “With the Silver Line Metrorail extension to Reston–the Wiehle-Reston East station now open and the Reston Town Center station scheduled to open in 2018–Reston has become an even more desirable business location,” a spokesperson for Atlantic Realty told Commercial Property Executive at the time. Less than two years later, the partnership applies a similar strategy, but 10 miles closer to D.C.
Taking advantage of the Silver Line corridor expansion, the joint venture is planning a $6 million renovation program, which will include upgrades of the lobby and amenities areas. The two buildings had a combined occupancy rate of 76 percent at the time of sale, the current tenant roster including Frontpoint Security, Konica Minolta and MassMutual.
Image courtesy of Yardi Matrix