PREI Acquires Boston Properties' NoVA Portfolio

LOUDOUN COUNTY, VA-Prudential Real Estate Investors has snapped up Boston Properties’ office portfolio here on behalf of investors in its TMW Pramerica Weltfonds. Based in Munich, TMW Weltfonds is managed by TMW Pramerica Property Investment GmbH, a wholly owned subsidiary of PREI that offers funds to German retail and institutional investors. Terms were not disclosed on the transaction, but Tonya Ginter, director of Research & Marketing for GVA Advantis, estimates that the 337,228-sf portfolio traded between $200 per sf to $250 per sf, based on comps and other market fundamentals.

Near Dulles Airport, the portfolio consists of four office buildings, including three that make up the Orbital Science Corp. campus in Steeple Chase office park. Orbital’s 156-acre campus totals 337,228 sf of space. The fourth building, a 127,000-sf building, has three tenants, including the US Postal Service and VeriSign.