Sallie Mae’s Reston headquarters sells for $68 million
- January 8, 2010
The Reston corporate headquarters of Sallie Mae has been sold to a San Francisco-based private equity firm for $68 million. Rockwood Capital LLC acquired the 221,326-square-foot building in a sale/leaseback transaction announced today.
It was developed in 2004 as a class A, single tenant building for Sallie Mae, the country’s largest provider of private student loans. Sallie Mae (SLM Corp.) will continue to lease the building for three years and 55 percent of the space for an additional seven years, providing a steady income stream to the new owner.
Rockwood has a history of investing in Reston. “Reston Town Center is one of the finest examples of quality urban planning in the country,” Rockwood Managing Director Chris Fraley said in a statement. “The value of the prime, mixed-use amenities is reflected in the office rental rates in Reston Town Center, which have substantially outperformed the greater Reston-Herndon submarket over the past decade.”
Rockwood purchased the asset through a subsidiary, Rockwood Real Estate Partners Fund VII, a $964 million closed-end investment fund. CB Richard Ellis represented Rockwood during the transaction.