RESTON, VA-A source tells GlobeSt.com that the sale of Sunset Corporate Plaza I & II here is pending at a price of $22.6 million, or $160 per square foot. The building was put on the market by Piedmont Office REIT last year. It tapped Transwestern to market the two-asset portfolio, which is located at 11107 and 11109 Sunset Hills Rd., and totals 142,394 square feet.
Piedmont REIT didn't return our call for comment and Transwestern declined to comment.
Selling the property appears to be in line with Piedmont REIT's recent capital markets activity, which lately has consisted of doubling down on the Dallas. The REIT reported that during the three months ended December 31, 2013, it purchased three assets in Dallas that, combined with Piedmont's recently announced development project, Enclave Place, in Houston, expanded its presence in the state by approximately 1 million square feet.
Piedmont also sold two non-core assets in that quarter -- 350 Spectrum Loop in Colorado Springs, and 8700 Price Road, located on a ground lease in the Arizona State University Research Park in Tempe. Also of note from that earnings report: there was an expiration of a 330,000 square foot lease in its Washington, D.C. portfolio during the first quarter of 2013.
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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.
