FAIRFAX, VA-Los Angeles-based Thomas Properties Group Inc. has acquired two class A properties in Northern Virginia through its joint venture with the California State Teachers’ Retirement System for $166.5 million. Totaling approximately 586,000 sf, the Fairfax-based properties are the Centerpointe I & II office towers and Fair Oaks Plaza, located at 4050 and 4000 Legato Rd., and 11350 Random Hills Rd., respectively.

The $166.5 million purchase price is being funded with $135.3 million of mortgage financing proceeds and roughly $43.1 million of equity. Thomas Properties is providing 25%, or $10.8 million, in equity finance. CalSTRS is funding $32.3 million, or 75%.

The seller, Equity Office Properties Trust, was represented by CB Richard Ellis in the Centerpointe transaction while Jones Lang LaSalle represented the seller in the Fair Oaks Plaza deal.

Centerpointe, which is comprised of twin 11-story, 204,000-sf towers, is currently 99% leased. However, a large block of space could become available in late 2007, according to Steve Todd, senior associate of Thomas Properties. “This offers an opportunity to lease in a market where there is strong demand, particularly from major companies with significant space needs and limited location options,” he says in a statement.

Fair Oaks Plaza, which is two miles east of Centerpointe, is an eight-story building that is 94% leased.

Thomas Properties will manage the new acquisitions and oversee leasing and marketing together with CB Richard Ellis. The company could not comment in time for publication.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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 © 2024 ALM Global, LLC. All Rights Reserved.