MRP Realty Acquires Suburban DC Office Complex
- Sep 02, 2016
Washington—MRP Realty just enhanced its suburban Washington, D.C., presence by a half-million square feet with the acquisition of the Liberty Park portfolio, an eight-building office campus in Northern Virginia’s Dulles technology corridor. MRP purchased the 532,000-square-foot asset from Liberty Property Trust for, according to the Washington Business Journal, approximately $97 million.
Built between 1998 and 2000, the low- and mid-rise Liberty Park buildings carry the addresses of 13605-13645 Dulles Technology Drive, 13655-13665 Dulles Technology Drive and 13461 Sunrise Valley Drive in Herndon. But MRP saw much more in the asset than a group of Class A and B office structures; it saw possibilities. The campus offers additional density and a prime location practically a stone’s throw from the future Silver Line Innovation Metro Station, scheduled to reach completion in 2020. MRP plans to capitalize on the property’s potential through a repositioning program and the addition of a series of premier amenities.
“Companies that are seeking to relocate or expand their operations have found increasing value in the Dulles corridor and the Liberty Park portfolio is an opportunity for MRP to reposition these buildings to reflect the shifting dynamics of today’s workforce,” Cris White, SVP with MRP Realty, said in a prepared statement. “In addition, the location of the Silver Line and forthcoming Metro stations will give yet another option for commuters to these properties in the near future.”
All aboard! For many players in the NoVa office market, the Silver Line is expected to be as good as gold. According to a report by commercial real estate services firm Cresa, “(office) tenant demand, influenced by Millennials in the workforce, is laser-focused on Metro-accessible, amenity-rich product particularly along the Silver Line.”
However, one company’s treasure is another company’s non-core asset. Seller LPT, which was represented by commercial real estate services firm Cushman & Wakefield in the transaction, had marked Liberty Park for sale as part of the company’s $1.2 billion suburban office/flex non-core disposition program, which will result in the company’s exit from Northern Virginia and three other markets. LPT had owned Liberty Park since 2007 when it came into possession of the campus, then known as Republic Park, with the acquisition of Republic Property Trust.