Greens I & II Sell for $48M

CHANTILLY, VA-Greens I and Greens II, office buildings in the 1,100-acre, multi-structure Westfields Corporate Center, make their way into Columbia, MD-based Corporate Office Properties Trust’s Baltimore/Washington DC Corridor portfolio in a $48-million transaction. The two-building package accounts for a total of about 290,250 sf of space. Included in the deal is an option for COPT to acquire a neighboring six-acre parcel that can be developed to accommodate as much as 83,000 sf of office space.

Philadelphia-based developer Rubinstein Cos. had previously owned the Fairfax County buildings, which sit at 15049 and 15059 Conference Center Dr. and offer 145,050 sf and 145,200 sf, respectively. Greens I was constructed five years ago and is also known as the Aerospace Building because it houses the Aerospace Corporation, which occupies nearly 134,000-sf of the edifice.

Greens II is located on 10 acres adjacent to the first building and boasts tenants such as the Boeing Co., which has an 80,000-sf space, and Booz Allen Hamilton, which occupies 25,500 sf. Both six-story structures are leased to near capacity at 96% occupancy, and the first rollovers do not occur until 2005.