Spear Street Gets 244 KSF Suburban D.C. Office Building for $64.4M
- Aug 30, 2011
August 30, 2011
By Barbra Murray, Contributing Editor
Investment sales volume in metropolitan Washington, D.C., one of the top office markets in the country, continues to rise at a rapid pace and the change in ownership of a 244,600 square-foot office property in Reston, Va., is among the latest transactions. Acting on behalf of the California State Teachers Retirement System, Clarion Partners sold the asset at 1881 Campus Commons Dr., to Spear Street Capital for $64.4 million.
Located within close proximity of Dulles International Airport and roughly 20 miles west of D.C., 1881 Campus Commons first opened its doors in 1999 and has since undergone upgrades to reinforce its Class A designation. In addition to being LEED Silver-certified by the U.S. Green building Council, the property boasts 936 parking spaces, 842 of which are garaged.
The tenant roster at 1881 Campus Commons includes the likes of 3M Cogent, engineering firm Haynes Whaley Associates, Siemens and Ventera Corp. “The fact that the property is currently leased to a diverse group of tenants further enhanced its marketability, as today’s more aggressive investors are looking for a growth story as well as near-term income stability,” John Kevill, managing director with real estate services firm Eastdil Secured, said. Eastdil marketed the property on Clarion’s behalf.
Office sales transactions continued to heat up in the second quarter, as real estate services firm Lincoln Property Co. notes in a recent report. “Core assets continue to draw interest from multiple bidders, local and foreign, driving demand as investors see sustainability throughout this market.” In Northern Virginia, there were over 10 significant sales transactions during the second quarter, including four trades valued at over $50 million.