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Update: Normandy Re Paid $81M For President's Park

HERNDON, VA—Liberty Property Trust was the seller of the 609,000-square foot, three-building complex along with another local office, which traded at the end of last year.

By Erika Morphy | erikamorphy | | Updated on March 30, 2016
Presidents Park I, II, III Presidents Park I, II, III
HERNDON, VA—Earlier this month we reported that Liberty Property Trust sold President’s Park — a three-asset office portfolio located on Sunrise Valley Dr., totaling about 600,900 square feet – to Normandy Real Estate Partners. We’ve learned that the price, which was not disclosed was $80.5 million, or $135 per square foot. The Morristown, NJ-based Normandy Re partnered with Siguler Guff to buy the buildings from Liberty Property Trust. Liberty Property Trust put the three offices on the market last year, along with a fourth building, Corporate Point IV at 14111 Park Meadow Dr. in Westfields. Corporate Point IV, an 80,118-square-foot building that is about 39% occupied, sold in December 2015 to Exeter Property Group for $5 million, or $62 per square foot. President’s Park has 250,000 square feet of vacant space.

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