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.

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