RESTON, VA-Two buildings have traded in the outer Northern Virginia suburbs, demonstrating the strong appeal of some properties even when they are beyond the immediate surrounding areas of the District. One is 1881 Campus Commons Dr. in Reston, which traded for $64.4 million, purchased by Spear Street Capital. Another is the FBI National Training Center in Stafford, which was purchased by a private company for an undisclosed amount.
1881 Campus Commons Dr. is an 244,558-square-foot building located at the intersection of the Dulles Toll Road and Wiehle Avenue. Clarion Partners sold the five-story building on behalf of an institutional client, reported to be CalSTRS, or the California State Teachers Retirement Fund. Eastdil managing directors Collins Ege, Nick Pappas and John Kevill, along with vice president Sean McDermott and associate Bradley Allen, represented the owner in the deal.
“The magic of that deal is that it is a fabulous physical asset and in the shadow of a metro station,” Kevill tells GlobeSt.com. “Today’s investors are looking for assets with some stability and a compelling growth story and this had it.” Kevill is referring to the expected delivery of the Silver Line Metro station when he references growth. That station will be within walking distance of the property. McDermott notes that leases for new headquarters in Reston have been signed by VeriSign, GMAC and QinetiQ North America in recent years.
In Stafford, Greg Margetich and Mike Cattuzzo with Cassidy Turley BT Commercial Sacramento represented the seller, a private company, in the sale of the 164,898-square-foot FBI Training Center. A highly secure, as well as secretive, facility that sits on more than 11.81 acres, it features laboratory space, a fitness center, canine facilities and general office and warehouse space. The building had once been used for general industrial purposes, but the FBI has made improvements to it to accommodate its specialized training needs.
“A private equity fund acquired it,” Margetich tells GlobeSt.com. He was unable to provide additional details on the transaction.
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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.
