TYSONS CORNER, VA-PS Business Parks has acquired an office parkhere that is 47% leased for $35.4 million. The Glendale, CA-basedfirm closed the deal at the end of last week with JBG Cos. Itacquired the two-building, 270,000-square-foot complex, calledTycon II and Tycon III, for cash, bringing its total footprint inVirginia to 3.3 million square feet of multi-tenant office and flexspace.
In general, PS Business Parks has been looking for opportunisticplays in the DC area. Earlier this year, it acquired ShadyGrove Executive Center for $60 million fromBlackRock. The Maryland-based business park, which is 72%occupied, is a three-building, 350,000-square-foot complex leasedto 17 tenants. In June, PS acquiredParklawn Business Park, a 232,000-square-footmulti-tenant office and flex business park in Rockville, MD for$23.4 million.
The company recently extended the term of its line of creditwith Wells Fargo Bank to Aug. 1, 2012. The facility has a borrowinglimit of $100 million. As of June 30, it had no balanceoutstanding.
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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.
