Cushman & Wakefield Negotiates Over $96.6 Million In Office Portfolio Sales In Northern Virginia
13 Oct, 2005, Washington D.C.
Seven Buildings in Vienna Submarket Trade
The Capital Markets Group of Cushman & Wakefield has announced the $96.6 million sale of seven prime office buildings on behalf of Cambridge Northwestern.
The Cambridge portfolio consists of seven Vienna, Virginia office buildings totaling 516,116 of rentable square feet. The properties located at 1835 and 1851 Alexander Bell Drive, 1761 and 1768 Business Center Drive, 1600 and 1604 Spring Hill Road and 11242 Waples Mill Road have been sold to Access Properties and Buchanan Street Partners for a price of $187.17 per foot. Collectively, the buildings have an average occupancy of 85 percent. The buys significantly increase Access & Buchanan's holdings in the area from approximately 350,000 square feet to over 1.1 million square feet. "It was a good opportunity for both parties. 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 square foot which is well below replacement value," said Chip Ryan of Cushman & Wakefield.
Jim Luck, Warren Dahlstrom and Chip Ryan of Cushman & Wakefield's Capital Markets Group negotiated the transactions on behalf of Cambridge Northwestern.
For further information, contact Chip Ryan at Cushman & Wakefield, 202-776-7174.
Cushman & Wakefield is the world's largest privately held real estate services firm. Founded in 1917, the firm has 189 offices in 57 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133.
Contact: Louise Ferreras