FREDERICKSBURG, VA—Philadelphia-based Rubenstein Partners has sold a local office building for an undisclosed price. The property is Lee's Hill II, a 152,000-square foot, class A building located at 10304 Spotsylvania Ave.

Rubenstein acquired the property four years ago and has since made a number of capital improvements and renovations. As a result, the occupancy rose to 99% from 63%.

"Lees Hill II is an excellent property in a growing, strategically located DC submarket," says Craig Zolot, director of Asset Management for Rubenstein Partners, in a prepared statement.

"In addition, the strong tenant roster combined with the upgrades that we have added over the last two years created a solid investment opportunity for the new owner," he adds.

Rubenstein owns other office assets in the region, including Belvoir Corporate Center located in Springfield, VA and Maryland Trade Center III located in Prince George's County in Maryland. "The metro Washington DC office sector has been facing challenges in office demand, but certain pockets of tenant demand and certain locations have been faring well," according to regional director Stephen Evans.

"Rubenstein Partners has been focusing its efforts on these areas that are or expected to outperform the overall market and has several investments in its pipeline."

The company already has a development site under option and plans to explore other strategic office asset investment opportunities in the greater DC region over the next year, it says.

James Molloy and Jason DeWitt of Jones Lang LaSalle represented Rubenstein Partners on the Lee's Hill II transaction.

Instant Insights /

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