STERLING, VA-A joint venture between The Pinkard Group of Bethesda, MD, Buchanan Partners of Gaithersburg, MD and AEW Capital Management has acquired Lakeside III @ Loudoun Tech Center from a special servicer. AEW is investing in the property on behalf of AEW Partners VII, L.P., the seventh in AEW's opportunistic fund series.

The companies did not provide a sales price but a source tells GlobeSt.com that the four-story class A office traded for $12.4 million.

Located at 21355 Ridgetop Circle, the 101,787-square-foot building is one of three buildings on the 30-acre campus originally developed by a partnership of Buchanan Partners and Tishman Speyer in 2001. VeriSign used the building as its East Coast headquarters at one time and it currently counts both national and regional companies as tenants.

There is reason to feel confident about the Loudoun County office market, Bob Pinkard, principal and founder of The Pinkard Group, says in a prepared statement. "But even more exciting is the product itself. The virtually column-free floor plates and high ceilings are very desirable for tenants today and the setting at Loudoun Tech Center provides a unique office environment while still proximate to a number of great amenities."

Wells Fargo Bank, N.A, provided debt financing for the acquisition.

GlobeSt.com will be catching up with Pinkard later this week, so stay tuned.

Instant Insights /

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