STERLING, VA—21300 Ridgetop Circle here has traded in an off-market deal brokered by EDGE Commercial Real Estate.
The 63,237 square-foot flex property was acquired by an LLC associated with Defense Technology Equipment. The seller was Polinger Development Co. The building will be occupied by DTE, which had been working with EDGE to find space for its new corporate headquarters.
Polinger had owned the building since 1993 and tapped EDGE in late 2013 to lease a portion of the property that had been vacant since 2008.
Ultimately DTE acquired the entire building because it was a good opportunity, says Maria Badillo-Benzaria, principal at Red Phoenix and DTE in a prepared statement.
DTE is currently based in approximately 12,500 square feet at Oakbrook Commerce Center in Sterling. The company will initially occupy 17,000 square feet of office and warehouse space at the new building, while working with Reston-based M Group Architects and incumbent tenants Saab Defense and Security USA and HD Supply to accommodate its eventual expansion to about 33,000 square feet.
EDGE VP Joshua Katz represented the buyer; EDGE SVP and Regional Manager Scott Rabin represented the seller.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
