TYSONS CORNER, VA-PS Business Parks, a REIT in Glendale, CA, has acquired a 735,000-square-foot, multi-tenant office park here for $140 million. It acquired the seven-building park from New York City-based DLJ Real Estate Capital Partners, which picked up the properties earlier this summer from West-Group. 

The office park consists of seven separate six-story buildings over 39.2 contiguous acres that are currently 61.9% leased. It follows an acquisition PS Business Parks made here this summer when it picked up Tysons Corporate Center, consisting of two buildings called Tycon II and Tycon III, in July.

Now the REIT’s local portfolio equals one million square feet and four million square feet of multi-tenant office and flex space in the overall Washington Metro market. It funded the acquisition with cash and credit. PS Partners was unable to return a call to GlobeSt.com in time for publication.  

In general, PS Business Parks has been looking for opportunistic plays in the DC area. Earlier this year, it acquired Shady Grove Executive Center for $60 million from BlackRock. In June, it acquired Parklawn Business Park, a 232,000-square-foot, multi-tenant office and flex business park in Rockville, MD for $23.4 million. The company also recently extended the term of its line of credit with Wells Fargo Bank for a borrowing limit of $100 million. As of June 30, it had no balance outstanding.