Dulles Metro Center in Herndon has new owners
The Pinkard Group, based in Bethesda, Md., and Principal Real Estate Investors have acquired Dulles Metro Center, an 11-story, 219,000-square-foot Class A office building in Herndon. The price was not disclosed.
Dulles Metro Center, located at 2325 Dulles Corner Boulevard, is close to the upcoming Innovation Center Metro Station along Metrorail’s new Silver Line.
DEKA Immobilien Investment GMBH, a German investment fund that purchased the building back in 2004, has been seeking buyers for the property for about two years. According to the new owners, the property is 75 percent leased. The Pinkard Group and Principal Real Estate Investors said they plan to make investments in the property to enhance the building’s features and attract new tenants.Savills Studley's US Cross-Border Group advised Deka in the disposition.
The building offers expansive views of Dulles Airport to the west and Reston Town Center to the east. Completed in 2001, Dulles Metro Center is part of the Dulles Corner office park. The mixed-use office environment has full-service hotels, multiple food-service options and landscaped garden and lake features.
This was the second acquisition this year by The Pinkard Group in Northern Virginia, following its purchase in February of Lakeside III at Loudoun Tech.
“This acquisition follows our ongoing investment thesis of acquiring high quality office assets which will be the first to reap the benefits of a stronger fundamental leasing market over the medium term,” Bob Pinkard, principal and founder of The Pinkard Group, said in a statement.