RESTON, VA–Penzance and a global real estateinvestment manager are selling a three-building, 266,000-squarefoot office portfolio here that, according to word on the street,has a whisper price of $55 million to $60 million.Transwestern is marketing the portfolio, whichconsists of 10700 Parkridge Blvd. and 11107 – 11109 Sunset HillsRoad.
The portfolio is 90% leased to a tenant base that has an averageremaining term of more than four years. Investment-grade tenantsaccount for 26% of the portfolio's occupancy. In addition, rentsare 7% below the market rate.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
