Government Properties Buys Fairfax Asset for $113M

RESTON, VA—The REIT is realigning its holdings in this part of Virginia.

By Erika Morphy | Updated on June 15, 2014

RESTON, VA—Lake Fairfax Business Center 7 and Lake Fairfax Business Center 5 are trading for approximately $113.3 million to Government Properties Income Trust, based in Newton, MA. The REIT is acquiring the 406,388-square foot portfolio from Polinger Shannon & Luchs Co. Cassidy Turley brokered the transaction.

The REIT quietly announced the news in its recent earnings call, noting that it entered into the agreement in December 2013. The property is 100% leased to the US Government. The contract purchase price is $113.3 million includes the assumption of $83 million of mortgage debt and excludes acquisition costs.

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