Class-A office building sells in Fredericksburg
Affiliates of Philadelphia-based Rubenstein Partners have completed the sale of Lee's Hill II, a 152,000-square-foot Class A office building in Fredericksburg, for an undisclosed price.
The transaction, brokered by Jones Lang LaSalle's Mid-Atlantic Capital Markets Group, closed nearly four years after Rubenstein's initial acquisition of the property. During their time as owner, Rubenstein invested in capital improvements and renovations to modernize the property, which it said helped boost tenant occupancy from 63 percent to 99 percent.
“Lees Hill II is an excellent property in a growing, strategically located D.C. submarket. In addition, the strong tenant roster combined with the upgrades that we have added over the last two years created a solid investment opportunity for the new owner,” Craig Zolot, director of asset management for Rubenstein Partners, said in a statement.
Located on an elevated 15-acre site within the Lee's Hill Office Park, the property is situated near I-95 and Route 1 (Jefferson Davis Highway), the primary business corridor in Fredericksburg. Current tenants include the U.S. Army Corps of Engineers, Comcast, A-T Solutions, Providence Service Corp. and Career Training Solutions.
Rubenstein remains active in the Washington, D.C., metro area and currently owns other office assets in the region, including Belvoir Corporate Center in Springfield and Maryland Trade Center III in Prince George's County in Maryland.
The company also has a development site under option and plans to explore other strategic office asset investment opportunities in the greater Washington D.C. region over the next year.