(To read more on the debt and equity markets, click here.)
RESTON, VA-Lake Fairfax Business Center 5 & 7, two fully occupied office buildings totaling 406,500 sf of class A space, have just been refinanced. Developed in 1987 and 1988, respectively, Lake Fairfax 5 & 7 are located within the Lake Fairfax Business Center corporate campus.
The transaction was orchestrated by Bill Asbill and Bob Donhauser of Holliday Fenoglio Fowler LP. Bear Stearns Commercial Mortgage Inc. provided the loan for borrower Polinger and a GE Asset Management-advised investor not long after Polinger acquired the structures for $117 million.
The purchase was accompanied by Polinger's acquisition of what is now being called Fairfax Business Center 6, a vacant 11-acre parcel for which the company paid an additional $8.1 million. Paul Collins of real estate services firm Cassidy & Pinkard facilitated the disposition of the Lake Fairfax properties on behalf of the seller. Both Cassidy & Pinkard and HFF declined to comment further.
The sites carry the addresses of 1759 and 1760 Business Center Dr. Lake Fairfax 5 is a six-story structure consisting of 131,400 sf, while Lake Fairfax 7 contains 275,000 sf over its six floors. The 11-acre parcel, Lake Fairfax 6, has been given the address of 1757 Business Center Dr. and will ultimately become home to a new 250,000-sf office structure. The properties sit off the Dulles Toll Road within close proximity to Washington Dulles International Airport. Fairfax County records list only one seller for both Lake Fairfax 5 & 7--Lake Fairfax Five.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
