DULLES, VA--Liberty Property Trust has sold a 532,041-square-foot, eight-building portfolio located in the Dulles technology corridor. MRP Realty is the buyer and the sales price is reported by Washington Business Journal to be $97 million.
Liberty has been disposing of its non-core properties as part of a larger plan to reposition itself.
Last month it entered into an agreement to sell to Workspace Property Trust 108 properties for $969 million. The 7.6 million square feet portfolio is located in five markets.
In this latest sale to MRP, five of the buildings are located at 13605-13645 Dulles Technology Dr. and are single-story properties. Buildings six and seven, located at 13655-13665 Dulles Technology Dr., are two and three stories, and building eight, located at 13461 Sunrise Valley Dr., is five stories.
The portfolio's key claim to fame, or at least distinction in this suburban office corridor, is that it is 0.2 miles to the future Silver Line Innovation Metro Station, which is expected to deliver in 2020, The portfolio also has additional density that MRP suggests will be eventually developed with new amenities for tenants.
“Companies that are seeking to relocate or expand their operations have found increasing value in the Dulles corridor and the Liberty Park portfolio is an opportunity for MRP to reposition these buildings to reflect the shifting dynamics of today's workforce,” said Cris White of MRP Realty in a prepared statement.
MRP plans to develop a community tenant lounge and conference facility and a fitness center at the properties.
Erik Berkman Cushman & Wakefield
DULLES, VA--Liberty Property Trust has sold a 532,041-square-foot, eight-building portfolio located in the Dulles technology corridor. MRP Realty is the buyer and the sales price is reported by Washington Business Journal to be $97 million.
Liberty has been disposing of its non-core properties as part of a larger plan to reposition itself.
Last month it entered into an agreement to sell to Workspace Property Trust 108 properties for $969 million. The 7.6 million square feet portfolio is located in five markets.
In this latest sale to MRP, five of the buildings are located at 13605-13645 Dulles Technology Dr. and are single-story properties. Buildings six and seven, located at 13655-13665 Dulles Technology Dr., are two and three stories, and building eight, located at 13461 Sunrise Valley Dr., is five stories.
The portfolio's key claim to fame, or at least distinction in this suburban office corridor, is that it is 0.2 miles to the future Silver Line Innovation Metro Station, which is expected to deliver in 2020, The portfolio also has additional density that MRP suggests will be eventually developed with new amenities for tenants.
“Companies that are seeking to relocate or expand their operations have found increasing value in the Dulles corridor and the Liberty Park portfolio is an opportunity for MRP to reposition these buildings to reflect the shifting dynamics of today's workforce,” said Cris White of MRP Realty in a prepared statement.
MRP plans to develop a community tenant lounge and conference facility and a fitness center at the properties.
Erik Berkman Cushman & Wakefield
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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.
