BALLSTON, VA. — A joint venture between Hines and funds managed by Oaktree Capital Management has acquired Two Liberty Center for $93.2 million. The 178,700-square-foot, nine-story office building is situated in the Ballston submarket of Northern Virginia.
The Class A property was renovated in January of this year and features a new lobby, new spec suites and parking for more than 300 vehicles.
Two Liberty Center was 95 percent leased to 16 tenants at the time of sale. It is situated at 4075 Wilson Blvd., five miles west of downtown Washington, D.C. Ballston is home to new developments such as Ballston Quarter and Ballston Exchange, which are slated to include approximately 500,000 square feet of retail and entertainment options as well as 2,000 residential units.
Andrew Weir, Jim Meisel, Matthew Nicholson, David Baker and Stephen Conley of JLL represented the seller, Westbrook Partners, in the transaction.
Susan Carras, Rob Carey and Drake Greer, also of JLL, arranged $67.6 million in acquisition financing for the buyer. Bank of America provided the seven-year, floating-rate loan.
New York City-based Westbrook is a privately owned real estate investment management company.
Houston-based Hines is a privately owned real estate investment, development and management firm with $120.6 billion of assets under management. The firm’s current portfolio includes 512 properties, representing more than 223 million square feet.
Los Angeles-based Oaktree (NYSE: OAK) is an investment management firm with expertise in credit strategies. The company’s stock price closed at $51.78 per share on Tuesday, Aug. 27, up from $41.30 one year ago.
— Kristin Hiller and Alex Tostado