Radnor, PA-based Brandywine Realty Trust has sold Herndon Metro Plaza I and II in Herndon, Virginia for $44.5 million. Holliday Fenoglio Fowler, L.P. (HFF) marketed the property and procured the institutional investor, Irving, Texas-based Archon Group, a Goldman Sachs affiliate; the complex was sold free and clear of existing debt. According to a BisNow report, Brandywine originally bought the property in 2005 for $51.5 million.
"The arrival of the Silver Line has been transformational for the Dulles Corridor, as tenants migrate to office properties surrounding existing and future Silver Line stations, driving strong positive absorption, decreasing vacancy rates and providing impressive rent growth," said Andrew Weir, senior managing director at HFF, in a press release. "Herndon Metro Plaza I and II are uniquely positioned to capitalize on this, with the asset's rollover profile ideally concentrated in the time period surrounding the planned opening of Phase II of the Silver Line. The asset will also be one of only 15 properties on the Toll Road with immediate walkability to a Silver Line Metrorail station."
Located at 196 and 198 Van Buren St., Herndon Metro Plaza I and II overlook the Dulles Toll Road, with regional connectivity by way of the Fairfax County Parkway, Routes 28 and 7, and the Washington Beltway (I-495). The four-story two building, 201,272 square foot Class A office complex is also immediately adjacent to the future Herndon Metrorail Silver Line Station. HFF said that the property was 91% leased at the time of sale.
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