Three Class A Office Buildings in Northern Virginia Change Hands
- Nov 20, 2014
By Adrian Maties, Associate Editor
Three more Northern Virginia Class A office buildings have recently changed hands. The properties are located in Reston and Herndon.
A joint venture between Coretrust Capital Partners and Normandy Real Estate Partners closed on the acquisition of Reston Metro Center One and Two for an undisclosed price. This is the partnership’s second acquisition in suburban Washington, D.C. In May, the joint venture purchased the the 184,000-square-foot Fair Oaks Plaza in Fairfax.
The five-story Reston Metro Center One and the two-story Reston Metro Center Two are located in the newly approved Reston Town Center Station Transit Oriented Development District. Together, they offer 185,480 square feet of space, and, according to the new owners, they are now available for lease.
Coretrust and Normandy will jointly manage the properties. They have retained Jeff Roman and John DiCamillo of CBRE Group Inc. to find new tenants for the buildings.
“We are very pleased to complete the second and third closing of our new company. Reston Metro Center One and Two are outstanding assets with a superb location. We have no doubt that we will successfully execute our plan to retenant, reposition and rebrand the properties while providing our signature customer service,” Coretrust Partner Randall Scott said in a news release.
In nearby Herndon, Deka Immobilien GmbH sold the Dulles Metro Center to a joint venture between Principal Real Estate Investors and The Pinkard Group. Savills Studley advised Germany-based Deka in the disposition. According to the Baltimore Business Journal, the sale price was $44.2 million.
The 11-story building is located at 2325 Dulles Corner Blvd. It offers 219,235 square feet of Class A office space and, according is LEED Gold certified.
“We were able to leverage Dulles Metro Center’s intrinsic location and building value and conduct an off-market transaction that was highly satisfactory to all parties,” Robert Stamm, of Savills Studley, said in a statement.
Photo credit: dullesmetrocntr.com