Lincoln Property Acquires VA Office Campus for $21M
- Jan 29, 2019
Lincoln Property Co. has acquired five single-story office buildings in Herndon, Va., for $21 million from Finmarc Management. The properties comprise nearly 110,000 square feet within the Van Buren Office Park.
The buildings, located at 510, 512, 516 and 520 Herndon Parkway, as well as 250 Exchange Parkway, are situated just off the Dulles Toll Road, near the Fairfax County Parkway and Reston Town Center, about a 35-minute drive from Washington, D.C.
Bruce Strasburg and Craig Childs of HFF represented Finmarc Management in the deal.
“This sale continues our strategy of selectively disposing of certain properties to generate proceeds to fund value-add and opportunistic acquisitions in the future,” said Sean Sullivan, vice president of Finmarc Management, in prepared remarks. “Fueled by the expansion of the Silver line, the Reston/Herndon area has experienced tremendous business and residential growth, which we have capitalized on by substantially increasing the occupancy of our buildings.”
Last month, Lincoln Property Co. acquired a 240,000-square-foot office property in St. Petersburg, Fla., for $40 million from Convergent Capital Partners and Denholtz Associates.
Image courtesy of Finmarc Management