Rockwood was familiar with the Reston market before this deal:Ed Kavounas and Neil Smith, two of the founding partners, were theacquisition team for 3,700 acres of Reston for Mobil Land in1978.

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The private equity company likes this particular developmentbecause office rental rates in the Reston Town Center havesubstantially outperformed the greater Reston-Herndon submarketover the past decade, according to Chris Fraley, managing directorof Rockwood. "Reston Town Center has become one of a handful oftrophy suburban office markets in the DC Metro area."

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The property, located at the intersection of Bluemont Way andTown Center Parkway, was acquired through a subsidiary of RockwoodReal Estate Partners Fund VIII, a $964-million investment fund thatclosed in March 2009. The Sallie Mae building is the secondinvestment for the fund. The first was Rowland Plaza, a mixed-useoffice and retail project in Novato, CA.

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