Reston office building close to new metro station sells
- August 7, 2014
Cushman & Wakefield said Thursday that Parkridge Center 3, an 110,000-square-foot office building in Reston, was purchased on behalf of Diversified International Partners by Transwestern Investment Management. Terms of the sale were not disclosed.
The class A building at 10701 Parkridge Boulevard is close to the newly opened Wiehle-Reston East Metro Station.
“This sale demonstrates investor confidence in the impact the opening of the Metro’s Silver Line will have on the Reston market. It is a prime example of the continued investor focus on transit-oriented assets,” Cushman & Wakefield Executive Director Eric Berkman said in a statement.
Built in 1987, the building is 79 percent leased to seven tenants including Comprehensive Health Services and the law firm Jackson Lewis. The property has direct access to the Dulles Toll Road.
Besides Berkman, Cushman and Wakefield’s transaction team included Executive Director Steven Gichner of the Capital Markets team. Executive Director Moe Hamilton also assisted from the Agency Leasing Group.
Diversified International Partners targets a diversified portfolio of high-quality investments for Latin-American institutional and high net-worth investors. Finesa Real Estate Group is the general partner and Transwestern Investment Management is the fund manager.