Cushman & Wakefield announced it brokered the sale of Parkridge Center 3, a 110,000-square-foot Class A office building in Reston. The property was purchased by Transwestern Investment Management on behalf of Diversified International Partners for an undisclosed price.
Parkridge Center 3 was built in 1987 on 7.2 acres of land at 10701 Parkridge Blvd. According to PropertyShark.com, the three-story office building was previously owned by Realty Associates Fund VII LP. The company purchased the property in June 2005 for about $22 million. PropertyShark.com says the buildings’ current market value is $19.7 million.
Cushman & Wakefield said in a news release that Parkridge Center 3 was 79 percent leased at the time of the sale. It is occupied by seven tenants, including Comprehensive Health Services and Jackson Lewis.
The Cushman & Wakefield team that brokered the sale included executive directors Eric Berkman and Steven Gichner of the capital markets team. They were assisted by Executive Director Moe Hamilton, from the agency leasing group.
“This sale demonstrates investor confidence in the impact the opening of the Metro’s Silver Line will have on the Reston market. It is a prime example of the continued investor focus on transit-oriented assets,” Berkman said in a statement.
Parkridge Center 3 is the second Class A office property to change hands in the Washington, D.C., metro area this month. A joint venture between MRP Realty and Rockpoint Group LLC recently acquired the 269,151-square-foot office property at 1333 H St.
According to CBRE, office vacancy in the Washington, D.C., metropolitan area increased to 11.3 percent in the second quarter of 2014. However, overall asking rents also increased by $2 per square foot quarter-over-quarter, reaching $52.59 on a full-service basis. CBRE expects demand in the commercial real estate market to slowly recover over the next four years with the improvement of employment prospects.
Charts courtesy of CBRE.