Herndon office building sells for $19.6 million
Galaxy Atrium LLC has purchased a 130,000-square-foot, Class A office building in Herndon for $19.6 million. The sale was announced Monday by Cambridge Property Group LLC on behalf of its client.
The seller of the four‐story, newly remodeled Atriuim at Worldgate building at 205 Van Buren St. was AEW Capital, represented by Cushman and Wakefield.
Cambridge has been retained to manage, lease and provide construction services for the property, which has 31,624 square feet available for lease. As part of the repositioning of the asset, the new buyer plans capital improvements to the base building and cosmetic upgrades to maintain its Class A profile.
“The acquisition marks another successful value‐add transaction for Galaxy,” Andrew J. Czekaj, Galazy’s managing member, said in a statement. “Atrium at Worldgate is another “metro‐centric” deal with easy walking distance to the Herndon Metro Station under construction following up on our acquisition of Cambridge Metro Overlook in Tysons Corner in late 2015.”
According to the Cambridge Property Group, the building has undergone $1.8 million worth of capital improvements since 2007, with the most notable investment a modern lobby with a dramatic atrium.
The property is located on 6.3 acres immediately adjacent to what will become the heart of the new Herndon Metro Station. The arrival of the Silver Line is expected to spur new residential and mixed‐use transit oriented development projects next to the metro station.