{"id":1004139523,"date":"2016-03-16T05:01:48","date_gmt":"2016-03-16T13:01:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004139523"},"modified":"2020-04-21T02:16:39","modified_gmt":"2020-04-21T10:16:39","slug":"d-c-area-class-a-office-changes-hands-for-19-6m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/d-c-area-class-a-office-changes-hands-for-19-6m\/","title":{"rendered":"D.C. Area Class A Office Changes Hands for $19.6M"},"content":{"rendered":"

By Bogdan Odagescu, Associate Editor<\/em><\/p>\n

\"Atrium<\/a>

Atrium at Worldgate, Herndon, Va.<\/p><\/div>\n

Herndon, Va.<\/strong>\u2014The Cambridge Property Group recently announced that it has successfully represented Galaxy Atrium LLC during the purchase of the Atrium at Worldgate<\/a>, a 129,368-square-foot Class A office building<\/a>. The office currently has 31,624 square feet available for lease, which brings the occupancy to 75.5 percent.<\/p>\n

The property was purchased from AEW Capital Management through Cushman &\u00a0Wakefield. Cambridge also announced that it has been retained as manager, lease agent and construction services provider. In order to maintain Class A status, the asset is scheduled to receive improvement and cosmetic upgrades.<\/p>\n

According to Cambridge, the total transaction value is\u00a0$19.6 million, which tops the most recent county assessment of $13.9 million. However, according to Fairfax County<\/a> records, the last time the property changed hands, which was in mid-2006, VIF Atrium at Worldgate LLC paid 205 Van Buren Associates LLC nearly $29.5 million.<\/p>\n

Located at 205 Van Buren St., the four-story building sits in a dense D.C. office area<\/a>, mere minutes from Dulles International Airport and adjacent to the future Herndon Metro Station<\/a>. According to Yardi Matrix<\/a>, the 5-mile radius around Atrium at Worldgate encompasses almost 200 office properties totaling in excess of 34 million square feet of leasable space, mostly along the Dulles Access Road corridor.<\/p>\n

The Atrium at Worldgate was completed in 1988 and, according to Randy Jaegle, Cambridge COO, received approximately $1.8 million of capital improvements during the last nine years, including a contemporary lobby equipped with modern amenities.<\/p>\n

Regarding future plans, Andrew Czekaj, managing member of Galaxy Atrium, said, \u201cWe will continue to focus on top\u2010quartile office assets that have a significant value\u2010add component that are located within strategic growth-oriented submarkets in Northern Virginia<\/a>.\u201d<\/p>\n

Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The four-story building sits in a dense office area, mere minutes from Dulles International Airport and adjacent to the future Herndon Metro Station.<\/p>\n","protected":false},"author":740,"featured_media":1004139524,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,11,21742,21747,1615],"tags":[],"class_list":["post-1004139523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-midatlantic","category-latest","category-office","category-washington-dc"],"acf":[],"yoast_head":"\nD.C. Area Class A Office Changes Hands for $19.6M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/d-c-area-class-a-office-changes-hands-for-19-6m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"D.C. 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