TYSONS CORNER, VA-PS Business Parks has acquired an office park here that is 47% leased for $35.4 million. The Glendale, CA-based firm closed the deal at the end of last week with JBG Cos. It acquired the two-building, 270,000-square-foot complex, called Tycon II and Tycon III, for cash, bringing its total footprint in Virginia to 3.3 million square feet of multi-tenant office and flex space.
In general, PS Business Parks has been looking for opportunistic plays in the DC area. Earlier this year, it acquired Shady Grove Executive Center for $60 million from BlackRock. The Maryland-based business park, which is 72% occupied, is a three-building, 350,000-square-foot complex leased to 17 tenants. In June, PS acquired Parklawn Business Park, a 232,000-square-foot multi-tenant office and flex business park in Rockville, MD for $23.4 million.
The company recently extended the term of its line of credit with Wells Fargo Bank to Aug. 1, 2012. The facility has a borrowing limit of $100 million. As of June 30, it had no balance outstanding.
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