GlobeSt.com EXCLUSIVE: Office Portfolio Interest Sells for $135M

CHANTILLY, VA-Advance Realty Group has taken full possession of a seven-structure office portfolio in the 188-acre Avion Business Park for a reported $135 million. Advance purchased its joint venture partner’s 90% interest in the group of buildings, which account for an aggregate 586,000 sf of class A office space.

In 2001, Advance acquired the portfolio from Principal Mutual Life Insurance Co. for about $80.3 million, and in 2002 it entered into a joint venture ownership of the buildings with an institutional core plus-fund as its partner. “Avion Business Park is a cornerstone of our holdings in the metro Washington, DC area,” says David Fisher, senior vice president and regional managing director for the Bedminster, NJ-based company’s metro Washington, DC office. With this acquisition, Advance now own a 100% interest in nine buildings totaling more than 725,000 sf in the region. The transaction also leaves advance in the role of majority owner of the 1.3-million-sf, 19-structure Avion Business Park.