HERNDON, VA—Dulles Metro Center, an eleven-story, class A office located at 2325 Dulles Corner Blvd., has traded to The Pinkard Group and Principal Real Estate Investors.
The companies did not reveal pricing but a source tells GlobeSt.com that the 212,000-square foot building is trading for $222 per square foot, or approximately $47.1 million. Other media accounts have varied slightly on the pricing, with the Washington Business Journal reporting that a source has told it the building is trading for $44.2 million, or roughly $202 per square foot.
The property is currently 75% leased. The seller was DEKA Immobilien Investment GMBH. The Pinkard Group and Principal Real Estate Investors plan to make upgrades in the property to attract new tenants.
Completed in 2001, Dulles Metro Center is part of the Dulles Corner office park.
Dulles Metro Center is the second acquisition this year by The Pinkard Group in Northern Virginia, following its acquisition of Lakeside III at Loudoun Tech in February.
"This acquisition follows our ongoing investment thesis of acquiring high quality office assets which will be the first to reap the benefits of a stronger fundamental leasing market over the medium term," Bob Pinkard, principal and founder of The Pinkard Group, says in a prepared statement.
The Pinkard Group will be acquiring Dulles Metro Center on behalf of its Pinkard Fund I, a commingled discretionary real estate fund focused on investment opportunities in Washington DC area.
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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.
