Grosvenor Americas has acquired The Campus at Sunrise in Reston, VA, comprising three low-rise office buildings totaling 254,453 rentable square feet, for approximately $63 million. The seller was BPG Properties, Ltd. of Philadelphia, PA.
Originally developed between 1987 and 1989, the 11-acre property’s three buildings, all on Sunrise Valley Drive, are: 11130 with 67,354 SF (rentable), 11180 with 78,622 SF, and 11190 with 108,477 SF. The Campus is currently leased to a mix of tenants including technology, consulting, financial services, and government contracting firms. It is located just a half mile from the future Wiehle Avenue Metro station, part of the Metro’s Silver Line extension through Tysons Corner, scheduled to open in 2013.
“The Campus at Sunrise provides Grosvenor Americas with the opportunity to acquire a value-add property at a price that is below replacement cost in an improving office market cycle,” said Scott Brody, Vice-President, Investments in Grosvenor Americas’ Washington, D.C. office. “With Metro arriving in 2013 and no new office supply under construction in the submarket, we expect strong rent growth over the next few years.”
With U.S. offices in Washington, D.C. and San Francisco, Grosvenor Americas has a portfolio of approximately 1.5 million SF of office, retail, and hotel
space in the Washington, D.C. metropolitan area. Grosvenor Americas’ U.S. portfolio of about 3.8 million SF is concentrated in five major markets: Washington, D.C., San Francisco, Los Angeles, Seattle, and Chicago.
Grosvenor is a privately owned property group with offices in 17 of the world’s most dynamic cities. It has four regional investment and development businesses in Britain & Ireland, the Americas, Australia and Asia Pacific; an international fund management business, which operates across these markets and in continental Europe; and a portfolio of indirect investments. As of December 31, 2010, these six businesses had total assets under management of US$17.1bn. Unusual for a private company, Grosvenor publishes a full Annual Report & Accounts, available at www.grosvenor.com.