PS Business Parks expands its Tysons portfolio
- December 16, 2010
PS Business Parks has purchased seven buildings at Tysons Corner from DLJ Real Estate Capital Partners. The $140 million dollar deal expands PS’ portfolio at the corporate center and allows DLJ to flip part of the portfolio at Tysons that it purchased from West-Group five months ago.
PS bought a multi-tenant office park on 39 acres with 735,000 square feet of office space, paying about $190 per square foot. The seven buildings are nearly 62 percent leased. The real estate investment trust, based in Glendale, Calif., now has a Tyson’s portfolio of nearly a million square feet and a total of 6.4 million square feet of multi-tenant and flex space overall in the Washington metro market.
“PS Business Parks now has an excellent platform in the Tysons Corner submarket. We are excited to offer current and prospective customers a wide array of choices in this excellent market,” Maria Hawthorne, a senior vice president, said in a statement.
PS funded the acquisition with cash on hand and utilization of its credit facility. It splits the portfolio that DLJ Real Estate Capital Partners acquired from West Group last July when it paid $222 million for 15 buildings spread across 115 acres. DLJ will keep eight buildings located close to the planned Metro stations that are considered prime targets for development as Tysons Corner continues to evolve as an urban corporate and retail center.