A building in the Van Buren Office ParkBETHESDA, MD—Finmarc Management has sold five single-story office buildings comprising nearly 110,000 square feet of space within the Van Buren Office Park in Herndon, VA, for $21 million. Lincoln Property Co. was the buyer. Bruce Strasburg and Craig Childs of HFF represented Finmarc Management in this transaction.
The buildings, situated at 510, 512, 516 and 520 Herndon Parkway, as well as 250 Exchange Parkway, were part of the 26-building portfolio totaling approximately 950,000 square feet of commercial office, flex/office and warehouse space that Finmarc acquired from First Potomac Realty Trust in 2016 for $96 million. Over the past year, Finmarc has disposed of numerous buildings from this portfolio, including 15100 and 15120 Enterprise Court last November for $7.2 million.
Since the acquisition Finmarc has increased Van Buren Office Park's occupancy, which currently includes 12 tenants, from 73% to 92% in less than three years.
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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.
