Rockwood was familiar with the Reston market before this deal: Ed Kavounas and Neil Smith, two of the founding partners, were the acquisition team for 3,700 acres of Reston for Mobil Land in 1978.
The private equity company likes this particular development because office rental rates in the Reston Town Center have substantially outperformed the greater Reston-Herndon submarket over the past decade, according to Chris Fraley, managing director of Rockwood. "Reston Town Center has become one of a handful of trophy suburban office markets in the DC Metro area."
The property, located at the intersection of Bluemont Way and Town Center Parkway, was acquired through a subsidiary of Rockwood Real Estate Partners Fund VIII, a $964-million investment fund that closed in March 2009. The Sallie Mae building is the second investment for the fund. The first was Rowland Plaza, a mixed-use office and retail project in Novato, CA.
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