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VIENNA, VA-A partnership involving Reston’s Buchanan Street Partners and Access Property Services of San Juan Capistrano, CA has acquired a seven-structure portfolio featuring an aggregate 516,100 sf of class A office space. The purchase price was $96.6 million.

With the assistance of Cushman & Wakefield’s Capital Markets Group, Cambridge Northwestern walked away with $187.17 per sf. It was just last year when Cambridge acquired the portfolio from A&A Investments for $80 million. The properties’ total current assessed value is approximately $77.9 million, according to Fairfax County records.

The seven buildings involved in the deal carry the addresses of 1835 and 1851 Alexander Bell Dr., 1761 and 1768 Business Center Dr., 1600 and 1604 Spring Hill Rd. and 11242 Waples Mill Rd. Their sizes range from about 60,700 sf to 98,600 sf. Together, the structures have an average 85% occupancy level.

“It was a good opportunity for both parties,” says C&W’s Chip Ryan, who orchestrated the transaction along with colleagues Jim Luck and Warren Dahlstrom. “The seller recognized a nice profit for a property owned a little less than a year, and the buyer benefits from an excellent value in relationship to cost per-sf which is well below replacement value.” For the buyers, the deal marks their second large joint purchase in Northern Virginia within the last couple of weeks. At the end of September, Buchanan Street and Access Properties acquired another seven-structure office portfolio–with buildings located in Reston, Fairfax and Tyson Corner–for approximately $110 million.

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