The new purchase marks Corporate Office's third acquisition in Northern Virginia this month. Just last week in a $112.5 million transaction, the Columbia, MD-based REIT bought 1751 and 1753 Pinnacle Dr., two office facilities accounting for a total of 440,000 sf of space in Northern Virginia's burgeoning Tysons Corner submarket.

The Corporate Pointe purchase was made with cash from Corporate Office's reserves, in addition to an advance from the company's unsecured revolving credit facility. Corporate Office also assumed an existing $9.9 million debt on the property as part of the deal. The 100% occupied Corporate Pointe III becomes the company's seventh building in Westfields, bringing its total presence in the business park to 1.1 million sf of space that is leased to 99% capacity.

"This acquisition is the first building the company has purchased in Westfields that is located east of Rte. 28," Corporate Office president and COO Randall M. Griffin notes. "The east side of Westfields is now starting to show improvement in vacancy rates and we will look for additional opportunities there in the future as we continue to grow our Westfields ownership position."