Herndon Metro Plaza office building sells for $44.5 million
Holliday Fenoglio Fowler LP (HFF) said Monday that it has closed the $44.5 million sale of Herndon Metro Plaza I and II, a two-building, 201,272-square-foot, Class A office property located next to the future Herndon Metrorail Silver Line Station in Herndon.
HFF marketed the property on behalf of Brandywine Realty Trust. According to the company, the property was sold free of debt to an institutional investor.
Located at 196 and 198 Van Buren St., Herndon Metro Plaza I and II overlook the Dulles Toll Road. The location also has regional connectivity by way of the Fairfax County Parkway, Routes 28 and 7, and the Washington Beltway (I-495), all of which are close by.
Washington Dulles International Airport is about three miles from the property. The four-story properties are 91 percent leased overall and offer parking for 663 vehicles.
Andrew Weir, Stephen Conley, Jim Meisel, Dek Potts and Matt Nicholson led the HFF investment sales team representing the seller.
“The arrival of the Silver Line has been transformational for the Dulles Corridor, as tenants migrate to office properties surrounding existing and future Silver Line stations, driving strong positive absorption, decreasing vacancy rates and providing impressive rent growth,” Weir, senior managing director at HFF, said in a statement. “Herndon Metro Plaza I and II are uniquely positioned to capitalize on this … The asset will also be one of only 15 properties on the toll road with immediate walkability to a Silver Line Metrorail station.”
HFF operates 23 offices nationwide and is a provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.