RESTON, VA—Parkridge Center 3, an 110,000-square foot office building here has been acquired by Transwestern Investment Management on behalf of Diversified International Partners. The purchase price was not disclosed but a source tells GlobeSt.com that it traded for approximately $20 million, or $173 per square foot.
The building is located at 10701 Parkridge Blvd. and 79% leased to seven tenants including Comprehensive Health Services and Jackson Lewis. Cushman and Wakefield's Eric Berkman, Steven Gichner and Moe Hamilton brokered the sale.
One reason for the building's appeal to the buyer is its six-minute proximity to the newly-opened Wiehle-Reston East Metro Station.
“This sale demonstrates investor confidence in the impact the opening of the Metro's Silver Line will have on the Reston market," Berkman said. It is also a prime example of the continued investor focus on transit-oriented assets," he added.
The building was constructed in 1987. It has direct access to the Dulles Toll Road.
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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.
