Class A Office Property Sells for $72M

MERRIFIELD, VA-With a $71.7-million deal having just reached completion, Metro Place II has joined the real estate portfolio of Glenborough Realty Trust. The 234,000-sf class A office property had been under the ownership of Opus, a real estate fund that acquired the fully leased facility from developer Opus East just a few years ago. San Mateo, CA-headquartered Glenborough partially funded the purchase with $17 million in proceeds from the recent $76.7-million disposition of Rockwall I & II, a 343,000-sf office complex in Rockville, MD.

Conveniently sandwiched between Interstate 495 and Interstate 66, Metro Place II was developed in 1999 on a coveted three-acre spot adjacent to the Dunn Loring-Merrifield Metro Station. The property offers a separate six-level parking facility for approximately 800 vehicles, as well as an onsite fitness center. Boeing leases 40% of the building, while ITT Industries, L3 Communications and Northrop Grumman account for 41% of the space; real estate firm CarrAmerica and Starbucks account for the remaining space. There are no lease expirations until 2009.