The sales price has not been disclosed, but the 184,787-sf, six-story building has been valued at $100 million. Volkswagen has signed a 15-year net lease. Tishman Speyer delivered the building in Jan. 2008.
The credit tenant, the building's proximity to the Dulles International Airport and its visibility along the Dulles Toll Road all factored into the German company's decision to acquire the asset, Zeb Bradford, managing director of Metzler, Union Investment's real estate advisor in the US, tells GlobeSt.com. Volkswagen. Union made the acquisition for UniImmo, a global open-ended real estate fund.
Union Investment exited the US market nearly two years ago. This acquisition marks its re-entry. Bradford says the company is planning several other strategic acquisitions in the DC area this year. He characterized these deals as "larger and high quality in the office and possible retail category."
Tishman Speyer will continue to manage Woodland Pointe. Roy Bajtel, head of Union Investment's New York City office, represented the company in the negotiations. Drew Flood and Bill Collins of Cassidy Pinkard and Colliers brokered the deal.
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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.
