RESTON, VA-Bernstein Cos. has sold The Pond Building, a 48,000-square-foot complex of office condominiums here, for $7.3 million. The sale validated its vision for the building, which originally was single tenant. The buyer of the property, located at 1939 Roland Clarke Dr., is an LLC.
The building had been occupied by TNS but when it departed last year Bernstein decided to upgrade and convert the space into individual office condos, CBRE First Vice President Bill Prutting Sr. tells GlobeSt.com.
That decision has also been validated by how quickly the office condos are moving-more than 40% have sold to date, Prutting says. The office condo market in the greater Washington DC area is very much a story of submarkets—that is, in some they are popular; in others, such as the District, office condos have not gotten much traction.
"The condo market in Reston is good," Prutting says. "There are a couple of other properties that have done well too with office condo conversion."
Most of the units in The Pond have been trading at price points that are delivering a 6% return, he also says.
One reason for The Pond Building's appeal is that it is within walking distance of the soon to open Wiehle-Reston East Metro station.
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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.
