A partnership of Atlantic Realty Companies (ARC) of Tysons Corner, VA and Angelo, Gordon & Co. (AG) of New York City has acquired four office buildings totaling 499,696 square feet in Reston, VA for approximately $82 million. The properties are strategically located near the Dulles Access Road and the new Silver Line Metro station. The portfolio is 50 percent leased to more than 40 tenants including Reston Association and offices of Wal-Mart. Eastdil Secured brokered the transaction.
The Reston Corner I, II, and III properties comprise an office park located at the corner of Sunrise Valley Drive and Reston Parkway. Parkridge V is one of six office buildings in the Parkridge office park, situated adjacent to the Dulles Access Road on Sunrise Valley Drive:
Reston Corner I -12001 Sunrise Valley Dr- 4 stories- 98,819 RSF -1984
Reston Corner II -12005 Sunrise Valley Dr- 4 stories- 107,094 RSF- 1984
Reston Corner III- 12007 Sunrise Valley Dr- 4 stories -91,676 RSF -1987
Parkridge V- 10780-10790 Parkridge Blvd- 5 stories- 202,107 RSF- 1999
Reston Corner I is 100 percent leased; the other buildings have existing vacancy, including fully furnished suites available for immediate occupancy by small-to-medium sized tenants. Some of the buildings offer private balconies, new conference facilities, and dramatic two-story atrium lobbies. Tenants in both office parks have access to premium fitness facilities and onsite cafes.
Nearly $5 million was invested recently in improvements to the buildings’ elevators, lighting systems, restrooms, and the mechanical, electrical, and fire/ life safety systems. The ARC-AG partnership plans to spend an additional $5 million to improve the buildings and outdoor common areas.
“Atlantic Realty has deep roots in Reston, having developed such well-known destinations as Plaza America,” said Atlantic Realty President David Ross. “In fact, in 1992-93, our newly formed company was located in Reston Corner III. We are pleased to join with Angelo, Gordon to expand our Reston portfolio at this exciting time,” he added.
“Reston Corner and Parkridge offer businesses of all types the opportunity to locate close to Reston Town Center, Metro’s Silver Line, Tysons, and Washington Dulles International Airport at an affordable price,” said Adam Schulman, Executive Vice President and Partner, Atlantic Realty. “Not only do these properties offer a convenient and strategic business location, but they also allow tenants to enjoy all the live-work-play benefits that Reston provides.”
Founded in 1992, Atlantic Realty Companies is a full-service real estate firm that owns, manages, and/or has developed an award-winning portfolio comprising four million square feet of office and retail space located in Virginia, Maryland, and Delaware. Atlantic Realty succeeds in a wide spectrum of real estate projects, applying in-house capabilities that integrate acquisition, development, land use, leasing, construction, and property management. For more information, visit www.arcrealty.com or call 703.760.9500.
Angelo, Gordon & Co. is a privately-held registered investment advisor dedicated to alternative investing. The firm was founded in 1988 and currently manages assets totaling approximately $27 billion. The firm seeks to generate absolute returns with low volatility by exploiting inefficiencies in selected markets and capitalizing on situations that are not in the mainstream of investment opportunities. Over the past 20 years, Angelo, Gordon has acquired over $19 billion of real estate assets globally in over 400 transactions, representing over $8 billion of equity, in a series of opportunistic and core plus real estate funds.