VIENNA, VA- A joint venture between The Goldstar Group and Pearlmark Real Estate Partners, has sold Liberty Park at Tysons in an all cash transaction. The sellers declined to release the price but word on the street puts the trade at $93.5 million. The buyer is TechCore, a $500 million real estate fund managed by GI Partners on behalf of CalPERS. GI Partners and CalPERS formed the fund to acquire data centers, internet gateways, corporate campuses for technology tenants and life science properties.
Liberty Park at Tysons is a 225,038 square foot complex, consisting of a four-story, 190,038-square foot data center and office building, and a 35,000-square foot warehouse. It is located at 801 Follin Lane. Two years ago, the office building underwent a complete renovation to accommodate the needs of the specialty GSA tenant that occupies the entire building.
The acquisition of the property was a value-add play for both Goldstar and Pearlmark, Goldstar CEO Michael Brodsky tells GlobeSt.com. “We bought a vacant building, secured the GSA lease, improved the asset. It was the right time to the sell the stabilized asset and to the right buyer,” he says. The duo is on the lookout for more value-add asset in the Mid-Atlantic, including the DC area, although they tend to be scarce in the latter, he says. “DC is always a challenge for value add.”
Brodsky says he is letting go of Liberty Park with a bit of nostalgia. “The government has a mission critical use in that facility. It is critical to the nation’s safety and security, so we take extra pride in that asset.”