RESTON, VA—It has been back-to-back activity in the Reston submarket over the past several days with two building trades. One transaction involved the sale of Reston Square, an office at 11790 Sunrise Valley Dr. A source tells GlobeSt.com that the 139,466-square foot, six-story office was acquired by KBS REIT III for $48 million, or $344 per square foot. The seller was Westbrook Partners.
The last time the 91% occupied office traded was in 2012, when it sold for $38 million.
Last week we reported on Coretrust Capital Partners and Normandy Real Estate Partners JV purchase of Reston Metro Center One and Two. A source tells us that the properties' sale resolved a troubled situation. The underlying CMBS loan amounts for the buildings were $23.4 million and $9.8 million.
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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.
