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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.

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