By Bogdan Odagescu, Associate Editor
Washington—Manhattan-based REIT Gramercy Property Trust recently announced the sale of Pacific Corporate Park, a four-building, 670,000-square-foot office campus located in Sterling, Va., for a price tag of $145.5 million, approximately $209 per square foot. The company reported that the exit cap rate for the asset was 6.7 percent on in-place 2016 net operating income.
Sitting at 22110, 22260, 22265 and 22270 Pacific Blvd., the four Class A Pacific Corporate Park buildings are located right next to AOL’s Dulles headquarters and just a few miles north of Dulles International Airport.
The campus, in fact, used to be part of AOL’s headquarters until 2010, when the communications giant disposed of the office asset. Currently, three of the buildings are occupied by Raytheon’s Intelligence and Information Systems headquarters, with the fourth partially rented to Strategic Federal Credit Union.
According to Yardi Matrix, three of the 6-story buildings were completed in 2000, with the last one built two years later. The office complex features in excess of 5,000 parking spots, with the majority spread over three multi-story garages.
The sale is part of Gramercy’s plan to dispose of single- and multi-tenant office assets, with $646 million worth of office portfolio already sold at an average exit cap rate of 5.7 percent. The REIT still has an estimated $250 million of assets currently on the market, the majority of which it expects to sell before 2016’s third quarter.
Image courtesy of Yardi Matrix