Grosvenor Americas buys three Reston office buildings for $63 million
- October 4, 2011
Grosvenor Americas has acquired The Campus at Sunrise in Reston, a 254,453-square-foot complex of three low-rise office buildings, for approximately $63 million. The seller was BPG Properties Ltd. of Philadelphia.
The buildings on Sunrise Valley Drive were originally developed between 1987 and 1989. The 11-acre campus is currently leased to a mix of tenants including technology, consulting, financial services, and government contracting firms. It is located a half mile from the future Wiehle Avenue Metro station, part of the Metro’s Silver Line extension through Tysons Corner, scheduled to open in 2013.
“The Campus at Sunrise provides Grosvenor Americas with the opportunity to acquire a value-add property at a price that is below replacement cost in an improving office market cycle,” Scott Brody, vice president of investments in Grosvenor Americas’ Washington, D.C. office, said in a statement. “With Metro arriving in 2013 and no new office supply under construction in the submarket, we expect strong rent growth over the next few years.”
With U.S. offices in Washington and San Francisco, Grosvenor Americas has a portfolio of about 1.5 million square feet of office, retail, and hotel space in the Washington, D.C. metropolitan area. Grosvenor is a privately owned property group with offices in 17 of the world’s largest cities.