WPC Acquires $8M Office Buildings
- Apr 04, 2017
Washington Property Co. (WPC) announced the acquisition of two office buildings in the Maryland and Virginia suburbs of Washington, D.C. for a total of $8 million. Computer Science Corp. (CSC) sold WPC a 116,000-square-foot office building in Fairfax Country, Va., for $7.2 million. In the Wheaton/Glemont area of Maryland, Cornerstone Realty Advisors sold WPC a 28,000-square-foot office asset for $815,000.
Located at 3160 Fairview Park Blvd., just off I-495, the 116,000-square-foot building is situated in one of the area’s preeminent office parks. In 1987, the company constructed the property as CSC’s headquarters and now has consolidated into other locations. James Molloy of JLL represented the seller in the transaction.
“At $62 per square foot, this fully functional office building represents a great opportunity for repositioning as a headquarters location,” said WPC’s Andrew Eshelman, principal-acquisitions. “We plan to gut all systems and renovate the building, then re-lease it speculatively to tenants seeking renovated Class A space at the lowest Class A rental rates.”
Built in 1978, the 12125 Veirs Mill Rd. property, located at the intersection of Randolph Road and Viers Mill Road, is currently 50 percent occupied. Eric Berkman of Cushman & Wakefield represented the seller.
“Washington Property Company was attracted to the deep value opportunity of buying a functional and leasable office building at $28 per square foot,” Eshelman said. “The property’s underlying zoning allows for future redevelopment as residential or retail space.”
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