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.
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."
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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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
