Bridge Investment Adds Reston Office Campus to Growing Portfolio
Earlier this week, the company purchased O’Hare International Center in Rosemont, IL from Blackstone for $64 million.
RESTON, VA—Bridge Office Fund Manager LLC, a subsidiary of Salt Lake City-based Bridge Investment Group, has acquired The Campus at Sunrise office campus here.
Bridge Investment now owns the three-building, 255,000-square-foot office complex that is currently 85% occupied. No financial details of the transaction were released.
The company has been very active in adding new properties to its portfolio with more than 4 million square feet of office space closed nationally. Earlier this week, the company purchased O’Hare International Center in Rosemont, IL from Blackstone for $64 million. In August, the firm acquired the 32-acre Lenox Park office campus in metro Atlanta that includes 1 million square feet of Class A Office. The Atlanta Business Chronicle reported the deal was valued at approximately $225 million.
“The acquisition of The Campus at Sunrise presents an opportunity to create a next-generation workplace in one of the nation’s most dynamic submarkets,” says Tommy Spinosa, acquisitions director of Bridge Investment Group. “Employers will continue to gravitate to this area due to the high degree of connectivity with transit and live-work-play options, which aligns with Bridge’s long-term strategy of capitalizing on well-positioned value-add assets.”
The Campus at Sunrise was originally built between 1987 and 1990. The property is a short walk from the Wiehle-Reston East Metro Station and one half-mile from the future Reston Station mixed-use community that will feature more than 100,000 square feet of restaurants, shops and service-oriented retailers, upon completion. The Campus at Sunrise is also expected to benefit from the more than 3,000 residential units and 250,000 square feet of retail being delivered over the next few years within a one-mile radius, company officials state.
Bridge Commercial Real Estate, the operating company for Bridge Office, will provide property management for the campus and oversee the leasing, which will be led by Erin Cotter, Josh Masi and Matt Bundy of Cushman & Wakefield.