Hines-Oaktree Capital JV Acquires Two Liberty Center for $93M
The 178,200-square-foot Class A property was sold by Westbrook Partners of New York City. Hines is headquartered in Houston, while Oaktree Capital maintains its headquarters in Los Angeles. Westbrook acquired the property in late 2017 for $72 million.
ARLINGTON, VA—A joint venture of Hines and funds managed by Oaktree Capital Management, L.P. has purchased the nearly Two Liberty Center office building at 4075 Wilson Blvd. here for $93.2 million.
The 178,200-square-foot Class A property was sold by Westbrook Partners of New York City. Hines is headquartered in Houston, while Oaktree Capital maintains its headquarters in Los Angeles. Westbrook acquired the property in late 2017 for $72 million.
Brokerage firm JLL represented Westbrook in the transaction, procured the buyer and worked on behalf of the Hines-Oaktree partnership to secure $67.6 million in acquisition financing for the nine-story office asset.
The JLL Capital Markets team representing the seller was led by senior managing directors Andrew Weir and Jim Meisel, senior director Matthew Nicholson, director David Baker and executive managing director Stephen Conley.
JLL’s Capital Markets team representing the borrower/buyer was led by senior managing director Susan Carras, senior director Rob Carey and director Drake Greer. The deal was secured by Holliday Fenoglio Fowler LP prior to being acquired by JLL on July 1, 2019. Co-brokerage services were provided by Jones Lang LaSalle Americas, Inc.
The property was repositioned in January of this year and now features 20,500-square-foot typical floor plates, a new building lobby, new spec suites and parking for more than 300 vehicles. Westbrook Partners acquired and completed its business plan for Two Liberty Center in less than two years.
The office asset has seen 145,000 square feet of recent leasing activity and is now 95% leased to 16 tenants. Two Liberty Center is positioned in the heart of the Ballston submarket of Northern Virginia, which is home to such transformative developments such as Ballston Quarter and Ballston Exchange that will deliver more than 500,000 square feet of retail and entertainment options, as well as more than 2,000 new residential units in additional projects in the immediate area.