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RESTON, VA-Signing on to pay $110 million, real estate investment bank Buchanan Street Partners has become the new majority owner of a seven-building office portfolio in Northern Virginia. Buchanan Street bought the portfolio in conjunction with new joint venture partner San Juan Capistrano, CA-based Access Property Services.

Buchanan’s share of the investment, culled from its investment fund Buchanan Urban Investors II, amounts to 75% of the total acquisition price; Access will serve as the managing member for the portfolio. For Buchanan the deal beaks new ground, as it is the company’s largest single investment ever. For the joint venture, the deal marks the parties’ first purchase together.

Referred to by the new owner as the NOVA portfolio because of the buildings’ various locations in Northern Virginia, the new holdings are spread out among the cities of Reston, Fairfax and Tyson Corner. The structures are all of class B+ status and have an average occupancy level of 85%. Each building ranges in size from about 55,000 to 97,000, a spokesperson for Buchanan tells GlobeSt.com.

Portfolio tenants include Boeing, ITT Technologies and Raytheon. Under the new ownership, the properties are in for change. “Our business plan is to first do some maintenance and upgrades on the properties and then begin aggressively marketing and leasing the vacant and rollover space,” says Steve Blue, senior vice president of Buchanan’s Principal Investment group. “There is a huge demand for this kind of product in this market right now.” The average vacancy rate in all of Northern Virginia, according to Cushman and Wakefield’s Second Quarter 2005 statistics report, is 9.9%, while the average rent for all classes combined is $27.74 per sf.

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