RESTON, VA—Reston Corner I, II and III and Parkridge V have traded for $82 million. A partnership between Atlantic Realty Cos. and Angelo, Gordon acquired the four buildings, which total 499,696 square feet. The portfolio is 50% leased to more than 40 tenants, a roster that includes Wal-Mart office and the Reston Association. Eastdil Secured brokered the deal.
The Reston Corner I, II, and III properties are part of an office park located at the corner of Sunrise Valley Drive and Reston Parkway. Parkridge V is one of six office buildings in the Parkridge office park, situated adjacent to the Dulles Access Road on Sunrise Valley Drive.
Of the four, only Reston I is fully leased.
Nearly $5 million was invested recently in improvements to the buildings' elevators, lighting systems, restrooms, and the mechanical, electrical, and fire/ life safety systems. The new owners now plan to invest an additional $5 million to improve the buildings and outdoor common areas. Atlantic Realty already had a strong presence in Reston, having developed such properties as Plaza America. Indeed, when the company formed in 1992 the office was located in Reston Corner III, says Atlantic Realty President David Ross in a prepared statement.
The submarket's appeal is also due to the Metro's Silver Line and the build out of nearby Tysons, according to Adam Schulman, EVP of Atlantic Realty. "Not only do these properties offer a convenient and strategic business location, but they also allow tenants to enjoy all the live-work-play benefits that Reston provides," he says in a prepared statement.
GlobeSt.com was unable to speak with an Atlantic Realty principal in time for publication.
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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.
