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