$44.5 million sale closed by HFF of transit-oriented office property in Herndon, Virginia
WASHINGTON, D.C. – June 6, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $44.5 million sale of Herndon Metro Plaza I and II, a two-building, 201,272-square-foot, Class A office property situated immediately adjacent to the future Herndon Metrorail Silver Line Station in Herndon, Virginia, a suburb of Washington, D.C.
HFF marketed the property on behalf of Brandywine Realty Trust and procured an institutional investor to purchase the asset. The asset was sold free and clear of existing debt.
Located at 196 and 198 Van Buren Street, Herndon Metro Plaza I and II overlook the Dulles Toll Road, providing exceptional signage opportunities for the 330,000 cars that pass the property on a daily basis. This location also has outstanding regional connectivity by way of the Fairfax County Parkway, Routes 28 and 7, and the Washington Beltway (I-495), all of which are within close proximity. Additionally, Washington Dulles International Airport is located approximately three miles from the property. The four-story properties are 91 percent leased overall and offer parking for 663 vehicles in a mix of surface and structured spaces.
The HFF investment sales team representing the seller was led by Andrew Weir, Stephen Conley, Jim Meisel, Dek Potts and Matt Nicholson.
“The arrival of the Silver Line has been transformational for the Dulles Corridor, as tenants migrate to office properties surrounding existing and future Silver Line stations, driving strong positive absorption, decreasing vacancy rates and providing impressive rent growth,” said Andrew Weir, senior managing director at HFF. “Herndon Metro Plaza I and II are uniquely positioned to capitalize on this, with the asset’s rollover profile ideally concentrated in the time period surrounding the planned opening of Phase II of the Silver Line. The asset will also be one of only 15 properties on the Toll Road with immediate walkability to a Silver Line Metrorail station.”
About Brandywine Realty Trust
Brandywine Realty Trust (NYSE: BDN) is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in the Philadelphia, Washington, D.C., and Austin markets. Organized as a real estate investment trust (REIT), Brandywine owns, develops, leases and manages an urban, town center and transit-oriented portfolio comprising 233 properties and 29.6 million square feet as of March 31, 2016. Brandywine’s purpose is to shape, connect and inspire the world through its expertise, the relationships it fosters, the communities in which it lives and works, and the history it builds together. Brandywine’s deep commitment to its communities was recognized by NAIOP naming Brandywine the 2014 Developer of the Year – the highest honor in the commercial real estate industry. For more information, please visit www.brandywinerealty.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.