PRP buys two office buildings in Alexandria
PRP, a Washington D.C.-based real estate investment management company, has acquired two office buildings in Alexandria totaling 420,000 square feet for an undisclosed price. The seller was Clll.
The buildings are located at 4900 Seminary Road and 4825 Mark Center Drive. Built in 1986 and 2000, they are located within the Mark Center submarket, an amenity-rich location situated along I-395 across the street from the Mark Center Transit Center. The center provides regional and local bus service as well shuttle service to two nearby Metro stations.
The location offers about 150,000 square feet of walkable retail amenities and is adjacent to the Mark Center Hilton and Conference Center, Alexandria Hospital and Alexandria Community College.
The building at 4825 Mark Center Drive offers 220,000 square feet on eight floors. The structure at 4900 Seminary Road is smaller, with 200,000 square feet on 12 floors.
PRP said it expects to complete renovations at 4900 Seminary Road, including new elevators and an HVAC system while upgrading bathrooms, lobbies and common areas.
“We acquired and fully capitalized this transaction to be able to quickly respond to the dynamic office and retail leasing opportunities in Northern Virginia,” Paul Dougherty, president of PRP, said in a statement.
PRP, a private company, focuses on multifamily apartments, office and corporate headquarters facilities leased to investment-grade companies on a long-term basis. Since its formation in 2005, PRP said it has invested more than $1.5 billion in all property sectors.