Gramercy Property Trust, the New York-based global investor and asset manager, announced this week that it has sold the Pacific Corporate Park complex just a few miles north of Dulles International Airport for $145.5 million, or $209 per square foot. Terry Reiley, Robert Faktorow, Thomas Cleaver and Daniel Grimes of CBRE handled negotiations on behalf of Gramercy Property Trust, according to a CoStar report. While terms of the deal were not disclosed, Troutman Sanders LLP spokesperson told Law360 that it had represented Gramercy Property Trust in the deal.
The sale is part of the Gramercy Property Trust's previously announced plan to dispose of select single and multi-tenant office assets. Since the sale plan was announced, Gramercy has exited $646.3 million of office assets at a weighted-average cap rate of 5.7%, with another $70 million of properties are under contract and $250 million that are currently on the market the majority of which are expected to close in the first half of 2016.
Pacific Corporate Park was put on the market last December by Chambers Street Properties, close to the same time that it and Gramercy Property Trust were finalizing their merger. The New York City-based REIT acquired the 696,377-square foot property at 22110, 22260, 22265 and 22270 Pacific Boulevard in Sterling, Virginia from AOL Inc. for $144.5 million in 2010. The four-building office campus is located right next to AOL's Dulles headquarters outside of Washington, DC. Three buildings in the campus serves as the headquarters for Raytheon's Intelligence and Information Systems, which has occupied the property since 2009, and is scheduled to remain in the park until 2026; the fourth building is partially rented to Strategic Federal Credit Union.
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