{"id":1004151543,"date":"2016-09-02T04:20:18","date_gmt":"2016-09-02T12:20:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004151543"},"modified":"2020-05-17T23:08:29","modified_gmt":"2020-05-18T07:08:29","slug":"mrp-realty-acquires-suburban-dc-office-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mrp-realty-acquires-suburban-dc-office-campus\/","title":{"rendered":"MRP Realty Acquires Suburban DC Office Complex"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

\"Liberty<\/a>

Liberty Park, Herndon, Va.<\/p><\/div>\n

Washington<\/strong>\u2014MRP Realty<\/a> just enhanced its suburban Washington, D.C., presence by a half-million square feet with the acquisition of the Liberty Park portfolio, an eight-building office campus in Northern Virginia\u2019s Dulles technology corridor. MRP purchased the 532,000-square-foot asset from Liberty Property Trust for, according to the Washington Business Journal<\/a><\/em>, approximately $97 million.<\/p>\n

Built between 1998 and 2000, the low- and mid-rise Liberty Park buildings carry the addresses of 13605-13645 Dulles Technology Drive, 13655-13665 Dulles Technology Drive and 13461 Sunrise Valley Drive in Herndon. But MRP saw much more in the asset than a group of Class A and B office structures; it saw possibilities. The campus offers additional density and a prime location practically a stone\u2019s throw from the future Silver Line Innovation Metro Station, scheduled to reach completion in 2020. MRP plans to capitalize on the property\u2019s potential through a repositioning program and the addition of a series of premier amenities.<\/p>\n

\u201cCompanies 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\u2019s workforce,\u201d Cris White, SVP with MRP Realty, said in a prepared statement. \u201cIn addition, the location of the Silver Line and forthcoming Metro stations will give yet another option for commuters to these properties in the near future.\u201d<\/p>\n

All aboard! For many players in the NoVa office market, the Silver Line is expected to be as good as gold<\/a>. According to a report<\/a> by commercial real estate services firm Cresa, \u201c(office) tenant demand, influenced by Millennials in the workforce, is laser-focused on Metro-accessible, amenity-rich product particularly along the Silver Line<\/a>.”<\/p>\n

However, one company\u2019s treasure is another company\u2019s non-core asset. Seller LPT, which was represented by commercial real estate services firm Cushman & Wakefield in the transaction, had marked Liberty Park for sale as part of the company\u2019s $1.2 billion suburban office\/flex non-core disposition program, which will result in the company\u2019s exit from Northern Virginia and three other markets. LPT had owned Liberty Park since 2007 when it came into possession of the campus, then known as Republic Park, with the acquisition of Republic Property Trust.<\/p>\n","protected":false},"excerpt":{"rendered":"

The 532,000-square-foot asset, which was completed in 2000 and is slated for repositioning, commanded $97 million. <\/p>\n","protected":false},"author":969,"featured_media":1004517817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,11,21742,21747,1615],"tags":[],"class_list":["post-1004151543","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-midatlantic","category-latest","category-office","category-washington-dc"],"acf":[],"yoast_head":"\nMRP Realty Acquires Suburban DC Office Complex - 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\/mrp-realty-acquires-suburban-dc-office-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MRP Realty Acquires Suburban DC Office Complex\" \/>\n<meta property=\"og:description\" content=\"The 532,000-square-foot asset, which was completed in 2000 and is slated for repositioning, commanded $97 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/mrp-realty-acquires-suburban-dc-office-campus\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-09-02T12:20:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-18T07:08:29+00:00\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Liberty-Park-Herndon-Va..jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mrp-realty-acquires-suburban-dc-office-campus\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/mrp-realty-acquires-suburban-dc-office-campus\/\",\"name\":\"MRP Realty Acquires Suburban DC Office Complex - 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