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12-Building Business Campus Sold for $88.4 Mil

FAIRFAX, VA-The Prosperity Business Campus here, consisting of four office buildings and eight flex-space buildings, has been purchased for $88.4 million. The buyer is California-based PS Business Parks Inc.

By Amy Vaughn | Updated on June 04, 2001

FAIRFAX, VA-A total of 657,000 sf of office and flex-space has been sold here. The space is located in the 12-building Prosperity Business Campus and was purchased for $88.4 million. Glandale, CA-based PS Business Parks Inc. acquired the property with its existing cash. The company also has completed another 144,000 sf of development elsewhere in Northern Virginia.

The 12-buildings here include four office buildings, for a total of 355,000 sf, and eight flex-space buildings, for a total of 302,000 sf. The campus is adjacent to the Capital Beltway. A spokesperson for PS Business Parks says, “Based on market information, the company believes the property contains approximately 25% of the flex space under a single ownership in this submarket.”

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