Atlantic Realty boosts its portfolio in Reston
A partnership of Atlantic Realty Cos. (ARC) of Tysons Corner and Angelo, Gordon & Co. (AG) of New York City has acquired four office buildings totaling 499,696 square feet in Reston for $82 million.
The properties are located near the Dulles Access Road and the new Silver Line Metro station. According to Atlantic Realty, the portfolio is 50 percent leased to more than 40 tenants including the Reston Association and offices of Wal-Mart. Eastdil Secured brokered the transaction.
The Reston Corner I, II, and III properties comprise an office park located at the corner of Sunrise Valley Drive and Reston Parkway. Parkridge V is one of six office buildings in the Parkridge Office Park, adjacent to the Dulles Access Road on Sunrise Valley Drive.
Reston Corner I, a four-story building of 98,819 square feet is 100 percent leased. The other buildings have furnished suites available for small-to-medium sized tenants.
Atlantic Realty said that nearly $5 million was invested recently in improvements to the buildings’ elevators, lighting systems, restrooms, and the mechanical, electrical, and fire/ life safety systems. The ARC-AG partnership plans to spend an additional $5 million to improve the buildings and outdoor common areas.
The buildings’ location was touted by Adam Schulman, executive vice president and partner, Atlantic Realty. “Reston Corner and Parkridge offer businesses of all types the opportunity to locate close to Reston Town Center, Metro’s Silver Line, Tysons, and Washington Dulles International Airport at an affordable price,” he said in a statement
Atlantic Realty has roots in Reston. It developed Plaza America and in 1992-93, the year the company formed, it was located in Reston Corner III. “We are pleased to join with Angelo, Gordon to expand our Reston portfolio at this exciting time,” said Atlantic Realty President David Ross.
ARC owns, manages, and has developed a portfolio of 4 million square feet of office and retail space located in Virginia, Maryland and Delaware.
Angelo, Gordon & Co. is a privately-held registered investment advisor that currently manages assets totaling about $27 billion.