USAA, Lowe Snag VA Office Complex
- Jan 22, 2018
USAA Real Estate and Lowe have acquired the Park Center office complex in Alexandria, Va. The campus comprises three adjacent buildings totaling 566,000 square feet.
“The Park Center acquisition provides us with an exceptional opportunity to pursue leases with tenants that have large space requirements as well as to consider repositioning portions of the property for other uses,” said Mark Rivers, executive vice president of Lowe, in prepared remarks.
The three buildings are located at 4300 King St., 3101 Park Center Drive and 4401 Ford Ave. The King Street building features 117,233 square feet of space across four floors. Constructed in 1986, the property offers 265 parking spaces, two passenger elevators and 57,000 square feet of first and second floor retail. The Park Center Drive location comprises 230,675 square feet across 14 floors. Built in 1981, the property is LEED Silver certified and features 785 parking spaces and six passenger elevators. The Ford Avenue asset encompasses 218,030 square feet and was built in 1984. Also featuring 14 floors, the LEED-certified building was completely renovated in 2001 and offers tenants 545 parking spaces and access to six passenger elevators.
Park Center is located at the intersection of Interstate 395 and Route 7. The complex is within close proximity to the Pentagon, Ronald Reagan National Airport, Crystal City and downtown Washington, D.C. A variety of restaurants, entertainment, shops and The Village at Shirlington are also close by.
Joe Carrol of Lowe and Bruce Childs of USAA Real Estate led the acquisition team, while HFF represented the seller and arranged financing for the transaction.
In November, Lowe and USAA Real Estate teamed up on the development of the National Science Foundation Headquarters, a 700,000-square-foot office building in Alexandria, Va.
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