Newmark Knight Frank has orchestrated the sale of the office building at 2100 Reston Parkway in Reston, Va., near Washington, D.C. Acting on behalf of a global investment advisor, NKF sold the 178,700-square-foot property to a joint venture of Moore & Associates and Harbert Management Corp. for an undisclosed amount.
NKF’s James Cassidy, Jud Ryan and Cliff Cummings comprised the team that facilitated the disposition of 2100 Reston. The seven-story tower first opened its doors in 1988 under the direction of developer Wills Cos., which forfeited control of the asset to NationsBank via a deed in lieu of foreclosure in 1991. In 1992, Gateway Virginia Prop Inc., an entity of TA Realty, purchased the granite and glass building for approximately $11 million.
Today, 2100 Reston is 76 percent leased to a diverse list of tenants that includes a host of tech firms and law firms. The Northern Virginia asset is primed to capitalize on abundant neighboring development activity ranging from the $1.4 billion Halley Rise mixed-use project to the new Silver Line Reston Town Center Metro station. The new owners plan to invest in strategic improvements to the property.
The investment community has maintained a steady interest in the Northern Virginia office market over the last few quarters but, according to a third quarter report by NKF, transaction volume may very well pick up in pace as momentum continues to grow around Amazon’s new $2.5 billion HQ2 headquarters project in the newly designated National Landing area, which spans portions of Pentagon City and Crystal City in Arlington County, and Potomac Yard in the City of Alexandria.
Notable office transactions in Northern Virginia over the last several months include Ascentris and Altus Realty’s $129.4 million purchase of International Place, an approximately 290,000-square-foot building in Rosslyn, and Hines and Oaktree Capital Management’s $93.2 million acquisition of the roughly 178,000-square-foot Two Liberty Center in Ballston.