TYSONS CORNER, VA. — Grubb & Ellis has brokered the sale of a seven-building office portfolio in Tysons Corner for $140 million. PS Business Parks Inc. acquired the 736,446-square-foot portfolio from Cityline/DLJ Real Estate Capital Partners.
The properties are located along Jones Branch and Westbranch drives. They include the 151,000-square-foot Northampton Building, the 124,000-square-foot Amherst Building, the 123,000-square-foot Gloucester Building, the 123,000-square-foot Lancaster Building, the 80,000-square-foot Culpeper Building, the 77,000-square-foot Brunswick Building and the 57,000-square-foot Dickenson Building. Tenants for the properties include the U.S. General Services Administration, government contractors, law firms, and medical, technology and professional services firms.
“This transaction is evidence that investors are regaining confidence in the suburban markets, said Eric Berkman, an executive vice president with Grubb & Ellis and one of the deal's brokers. “We received tremendous buyer interest in these buildings, which are well positioned to capitalize on the extension of the Metrorail Dulles Corridor Project and the implementation of Fairfax County's new comprehensive plan for Tysons Corner.” Officials are developing a plan that will redesign the city's transportation system while increasing the number of office buildings and housing units. The aim is to provide housing for 100,000 residents and 200,000 total jobs.
Berkman partnered with Grubb & Ellis team members Steve Gichner and Andrew Asbill to arrange the sale. All are members of the firm's Institutional Capital Markets group.
— Coleman Wood