According to a release by Franklin, the sale resulted in a net gain of approximately $28 million. The company expects to redeploy these assets in the acquisition of replacement properties, several of which it is now reviewing.
The property, located at 2251 Corporate Park Dr. in Woodland Park, is 100% leased to Scitor Corp. and Juniper Networks, according to Cassidy & Pinkard Colliers, which represented Franklin Street Properties. The building is next to the Dulles Toll Road.
Brandywine has been increasing its exposure to the Northern Virginia market, while divesting itself of assets in markets that are no longer core to its investment platform. Earlier this year it closed on two properties in Herndon on Dulles Corner Boulevard for $154 million. It also owns an additional three properties in Dulles Corner Office Park, and has another project under construction in the area.
Bill Collins, Paul Collins, Drew Flood, and James Cassidy of Cassidy & Pinkard Colliers represented Franklin Street Properties.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
