Pitcairn/GE JV Snatch up Chantilly Asset for $79M

CHANTILLY, VA-A joint venture between Pitcairn Properties and GE Real Estate has acquired a newly completed office complex here for $78.5 million, or $262 per sf, from the Carlyle Group. The two-building, 312,000-sf development, called Mission Ridge, was designed with the aim of leasing to government contractors, according to John Kevill of Jones Lang LaSalle’s Capital Markets group.

Kevill, along with Collins Ege and James Molloy, represented the Carlyle Group in the transaction. Jones Lang LaSalle and Ardent Management LLC, in conjunction with the Carlyle Group, co-developed the project, which delivered in July. The new owners have retained Jones Lang LaSalle as leasing and management agent for the vacant building.

“This is the closest large block of space available to the National Reconnaissance Office,” Kevill tells GlobeSt.com. “Carlyle developed it with that kind of tenant–a contractor for an intelligence agency for instance, in mind.”