Sale of GSA-anchored office property in Herndon, Virginia, closed by HFF
WASHINGTON, D.C. – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Herndon Square, a two-building, 120,696-square-foot office property in Herndon, Virginia.
HFF represented the seller in the transaction. Crilley Warehouse, a private investor, purchased the assets for an undisclosed amount.
Herndon Square consists of 510 Spring Street and 535 Huntmar Park Drive, which together sit on 10.38 acres in the heart of the Dulles Technology Corridor, about 23 miles from Washington, D.C. This location provides easy access to the Dulles Toll Road (Route 267), the future Herndon Metro Station (eta 2020), Washington Dulles International Airport, Reston Town Center and Tysons Corner. Completed in 1999, Herndon Square is 94 percent leased to six tenants, including the General Services Administration, Black Box Network Services and Inovalon, Inc. 510 Spring Street is a two-story, 60,275-square-foot facility. 535 Huntmar Park Drive is a 60,421-square-foot, single-story facility with on-site data center infrastructure leased in its entirety to the GSA.
The HFF investment sales team representing the seller was led by senior managing directors Bruce Strasburg and Dek Potts.
“This was an outstanding opportunity for an investor to acquire two high-quality D.C. metro office buildings that are well leased to an exceptional GSA and regional tenant roster,” said Strasburg. “The attractive in-place cash flow is secured by a critical area amenity infrastructure with a central location in the rapidly redeveloping Metro Silver Line Corridor.”
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 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.