California-based REIT continues to add to Tysons Corner portfolio
- June 2, 2011
PS Business Parks Inc. has purchased the 140,000-square-foot Warren Building at Tysons Corner for $27.1 million. This is the second property buy in Tysons in five months for the Glendale, Calif.-based public real estate investment trust.
In December, PS Business Parks acquired the 735,000-square-foot Westpark Business Campus for $140 million. It’s adjacent to the Warren Building, a six-story office property that’s currently 68 percent leased with nine tenants. The company said it funded the acquisition with a combination of cash on hand and borrowings on its credit facility.
The deals gives PS Business Parks 1.1 million square feet of multitenant office space in Tysons Corner, which includes 10 office buildings. The REIT, which operates in eight states, owns 23 flex and office business parks in suburban Maryland and Northern Virginia, totaling about 6.5 million square feet.