X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

RESTON, VA-TA Associates Realty has acquired Parkridge Center 3, located at 10701 Parkridge Blvd. for $20 million. The Boston-headquartered pension fund advisor acquired the 108,000-sf office facility from Irving, TX-based the Archon Group.

Parkridge Center 3 is one of six structures comprising the campus-like Parkridge Center Office Park in the Dulles Corridor. TA plans to further upgrade the nearly 20-year old facility.

Space in the three-story property is currently being marketed by Cushman & Wakefield’s Mark Bassin and Craig Bernstein, whose colleague, Joe Schechtel, is heading up management of the property. The firm’s Chip Ryan represented the buyer, while seller Archon represented itself. “The current lack of class A trophy space in the market and the 18- to 24-month wait for new product to deliver provide this property with a remarkable upside position,” Bassin notes.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.