STERLING, VA—American Realty Capital Properties has picked up a fully-leased 178,234-square foot office and research and development facility at TransDulles Centre. New Boston Fund sold the class A facility for an undisclosed price, taking advantage of the strong pricing in the current net lease cycle.
New Boston Fund developed the property as a build-to-suit for Rockwell Collins in 2011. The company's lease runs through 2022 making it a choice price for any company interested in this asset class.
"[G]iven the remaining lease term, and quality of the asset and the tenant, along with the premier location near Dulles Airport the investor market recognized the value of this asset,” said David Langol, vice president of Asset Management for New Boston Fund in a prepared statement. Rockwill Collins' lease is subject to a five-year renewal.
TransDulles Centre was purchased by New Boston in August 2007. At that time, the property consisted of two three-story Class-A office buildings totaling 149,000 square feet, and 18 acres of adjacent land fully zoned for office/warehouse development. The build-to-suit for Rockwell Collins took up almost 13 of the 18 acres. New Boston was represented by HFF's Dek Potts, Bruce Strasburg, Jim Meisel, Andrew Weir and Stephen Conley.
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