New owner plans major improvements at Sudley Tower
- February 27, 2017
Newmark Grubb Knight Frank (NGKF) in McLean said Monday that the new owner of Sudley Tower in Manassas plans major improvements to the building.
Sudley Tower Partners LLC, which purchased the 90,497-square-foot property in late 2016 for an undisclosed price, plans to invest substantial capital in the building to increase value and occupancy levels, according to NGKF, which brokered the sale. Plans call for updating the lobby, restrooms and common areas.
Sudley Tower is the tallest building in Prince William County with nine stories.The office building is currently 60 percent leased, presenting the new owner with an opportunity to reposition the asset. NGKF said the building’s 10,000-square-foot floor plates are limited in the surrounding area and should be a differentiating factor for Sudley Tower.
“Sudley Tower is a very well known, visible building in Manassas and, as a result, there was strong interest from investors who realized the potential of this asset,” Cole Spalding, NGKF associate director said in a statement. “There is a good velocity in the Prince William market from a leasing stand point and as the renovations get underway we expect to see a great deal of interest in the building.”
Executive Managing Director Larry FitzGerald and Spalding, the brokers that facilitated the sale, have also been retained as the leasing agents for Sudley Tower.
The property’s Sudley Road location offers tenants a wide choice of nearby retail options, as well as visibility on one of the busiest thoroughfares in Manassas with 23,000 vehicles per day. The top floors of the property offer panoramic views of the Blue Ridge Mountains. Tenants also enjoy access to Route 66, Prince William Parkway and surrounding amenities in Manassas and Prince William County. The property is located 18 miles from Dulles International Airport and six miles from Manassas Regional airport.