JV Nabs Two Fairfax Offices for $167M

FAIRFAX, VA-Los Angeles-based Thomas Properties Group Inc. has acquired two class A properties in Northern Virginia through its joint venture with the California State Teachers’ Retirement System for $166.5 million. Totaling approximately 586,000 sf, the Fairfax-based properties are the Centerpointe I & II office towers and Fair Oaks Plaza, located at 4050 and 4000 Legato Rd., and 11350 Random Hills Rd., respectively.

The $166.5 million purchase price is being funded with $135.3 million of mortgage financing proceeds and roughly $43.1 million of equity. Thomas Properties is providing 25%, or $10.8 million, in equity finance. CalSTRS is funding $32.3 million, or 75%.

The seller, Equity Office Properties Trust, was represented by CB Richard Ellis in the Centerpointe transaction while Jones Lang LaSalle represented the seller in the Fair Oaks Plaza deal.