Atlantic Realty, Partner Acquire 4 Reston Office Buildings in $82 Million Deal

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A partnership of Atlantic Realty Companies (ARC) of Tysons Corner and Angelo, Gordon & Co. (AG) of New York City has acquired four Reston office buildings totaling nearly 500,000 square feet for $82 million, according to a news release from Atlantic.

The properties are located near the Dulles Access Road and the new Silver Line Metro station, Atlantic points out. The portfolio is 50 percent leased to more than 40 tenants including the Reston Association and offices of Wal-Mart. Eastdil Secured brokered the transaction.

The Reston Corner I, II, and III properties comprise an office park located at the corner of Sunrise Valley Drive and Reston Parkway. Parkridge V is one of six office buildings in the Parkridge office park, situated adjacent to the Dulles Access Road on Sunrise Valley Drive. Here’s a look at each building’s square footage:

• Reston Corner I, 12001 Sunrise Valley Dr.: 4 stories; 98,819 RSF; 1984
• Reston Corner II, 12005 Sunrise Valley Dr.: 4 stories; 107,094 RSF; 1984
• Reston Corner III: 12007 Sunrise Valley Dr., 4 stories; 91,676 RSF; 1987
• Parkridge V: 10780-10790 Parkridge Blvd; 5 stories; 202,107 RSF; 1999

Reston Corner I is 100 percent leased; the other buildings have existing vacancy, including fully furnished suites available for immediate occupancy by small-to-medium sized tenants, Atlantic says. Some of the buildings offer private balconies, new conference facilities and dramatic two-story atrium lobbies. Tenants in both office parks have access to premium fitness facilities and onsite cafes, Atlantic points out.

Nearly $5 million was invested recently in improvements to the buildings’ elevators, lighting systems, restrooms, and the mechanical, electrical and fire/ life safety systems. The ARC-AG partnership plans to spend an additional $5 million to improve the buildings and outdoor common areas.

“Atlantic Realty has deep roots in Reston, having developed such well-known destinations as Plaza America,” said Atlantic Realty President David Ross. “In fact, in 1992-93, our newly formed company was located in Reston Corner III. We are pleased to join with Angelo, Gordon to expand our Reston portfolio at this exciting time,” he added.

“Reston Corner and Parkridge offer businesses of all types the opportunity to locate close to Reston Town Center, Metro’s Silver Line, Tysons, and Washington Dulles International Airport at an affordable price,” said Adam Schulman, executive vice president and partner, Atlantic Realty. “Not only do these properties offer a convenient and strategic business location, but they also allow tenants to enjoy all the live-work-play benefits that Reston provides.”

Read more about the history of the properties in this Washington Post story from 2011.

PHOTO is of Reston Corner II, provided courtesy of Atlantic Realty