Private equity firm purchases Reston office building
Phillips Realty Capital secures $29M bridge loan for HighBrook Investors
A New York-based real estate private equity firm, HighBrook Investors, secured a three-year floating-rate loan of $29 million, with extension options, to purchase the Reston Metro Center One office building, located near the future Reston Town Center Metro station and the planned $1.4 billion Halley Rise mixed-use development.
HighBrook received the loan from Rubenstein Mortgage Capital, the debt investment platform of Rubenstein Partners LP, with assistance from Phillips Realty Capital, which announced the deal Friday. HighBrook took title following a note sale.
According to PRC’s news release, HighBrook plans to renovate and lease the unoccupied 124,076-square-foot building at 12120 Sunrise Valley Drive. The property, located about six miles from Washington Dulles International Airport, includes a parking lot, an employee lounge, a fitness center and full locker rooms. It was built in 2000.