CHANTILLY, VA-Some two weeks after MRP Realty and RockpointGroup closed on Plaza East for approximately $30 million, the newowners are finding that tenants, which had avoided the two-buildingoffice complex due to its previous owners’ financial difficulties,are now interested in tours. That is welcome news, given the poorfundamentals in the Chantilly market and Plaza East’s unfortunatedelivery timing.

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When the 246,800-square-foot complex delivered in 2007, therewere about 14 competing buildings also coming on line, MRPprincipal Zack Wade tells GlobeSt.com. “The majority of those havebeen leased up now.” There are other trends in Plaza East’s favor,he adds, such as the flight to quality by tenants in submarketswhere there is a lot of space availability.

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MRP Realty and Rockpoint Group acquired the buildings, developedby Tishman Speyer Properties, from lender General Electric Co.after they were put up for auction. “Tenants that would have foundvalue in the project had been leaving it out of tours because ofthe situation,” Wade says. Since the building traded, MRP has giventwo tours.

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Plaza East is located in Westfields Corporate Center. Designedby architect HOK Inc., features include flexible floor plates and alobby with limestone slate floors, glass walls and stainless steeldetails. Wade says once tenants begin to lease up, the companyplans to build out additional amenities including a deli andfitness center. Asking rates are in the high $20s per square foot.Grubb & Ellis’ Andy Klaff and Charles Dilks have been tapped tohandle the leasing for the property.

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