Joint venture acquires Park Center complex in Alexandria
A joint venture involving USAA Real Estate and Lowe, a national real-estate investor, developer and manager, has acquired the Park Center office complex in Alexandria for an undisclosed price.
The three adjacent office buildings, located at 4300 King St., 3101 Park Center Drive and 4401 Ford Ave., total 566,000 square feet.
“The Park Center acquisition provides us with an exceptional opportunity to pursue leases with tenants that have large space requirements as well as to consider repositioning portions of the property for other uses,” Lowe Executive Vice President Mark Rivers said in a statement.
Situated at the intersection of I-395 and King Street (Route 7), Park Center offers access to the Pentagon, Crystal City, Ronald Reagan National Airport and downtown Washington, D.C. Park Center also is close to restaurants, shops and entertainment venues, including The Village at Shirlington.
Joe Carrol of Lowe and Bruce Childs of USAA Real Estate led the acquisition team. HFF represented the seller and arranged financing for the transaction.
Lowe and USAA Real Estate most recently teamed up on the development of the 705,000-square-foot National Science Foundation Headquarters building, which was completed in August 2017.
Lowe established its D.C. area office in 1980 and has been an active investor and developer of commercial real estate throughout the region since then. In addition to the National Science Foundation Headquarters, projects include The Hepburn luxury apartments developed adjacent to the Washington Hilton Hotel where the firm completed a $150 million restoration redevelopment of the 1400 Crystal Drive office building in Crystal City.
Los Angeles-based Lowe, formerly known as Lowe Enterprises, has a portfolio of $8.5 billion in commercial, hospitality and residential assets and has more than $2 billion in commercial real estate projects in the pipeline or under development.
Lowe maintains regional offices in Southern California, Northern California, Denver, Philadelphia, Seattle, Raleigh, N.C. and Washington, D.C.