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ALEXANDRIA, VA-A massive redevelopment project will get under way at Victory Center now that the new owner, Prudential Real Estate Investors, has tapped real estate services firm Spaulding & Slye Colliers to spearhead the $120-million endeavor. Spaulding & Slye will handle development, brokerage, construction and property management activities for the project.

Prudential acquired the 611,000-sf office property at 5001 Eisenhower Ave. from Laszlo N. Tauber & Associates I LLC for $48 million in April of this year. “This project provides an opportunity for solid returns, particularly since it is well-positioned to meet the needs of a large tenant, including the ability to design a custom campus,” says Joseph Bonner, a managing director of Prudential’s transactions division.

Located off Interstate 495 and within close proximity to Interstate 395, Victory Center was built in 1973 and sits on a 16-acre parcel that is capable of accommodating additional development of up to one million sf. The building itself boasts a unique and highly desirable characteristic–it is the only property of its size in the Metropolitan Washington, DC region that embodies all security requirements of the US Department of Defense, the US Department of Justice and the US General Services Administration.

Spaulding & Slye tells GlobeSt.com that immediate plans are in the works to construct two additional buildings on the property, as well as more parking facilities to supplement the current offerings. Spaulding & Slye explains that the new construction is not included in the $120-million price tag for redevelopment of the existing office building, as the new structures are still in the design process.

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