Woodland Park office portfolio in Herndon gets $83 million in financing
DTZ, a commercial real estate services company, announced Wednesday that it has secured $83 million in financing for Woodland Park, a three-building portfolio located in Herndon.
Executive Managing Director John Campanella arranged the financing on behalf of a joint venture involving AEW Capital Management (on behalf of one of its separate account clients) and American Real Estate Partners. DTZ said in a statement that a bank provided the borrower with a long-term fixed rate loan.
“We had a number of lending institutions quoting on Woodland Park,” said Campanella. “The borrower was able to secure a very competitive 10-year bank loan with great flexibility.”
The three buildings, which total 480,324 square feet, are currently 96 percent leased. They are located on Corporate Park Drive in a 175-acre live/work/play office, retail and residential development along the Dulles Toll Road. The property is within walking distance of the future Herndon-Monroe Street Metro Station and is accessible to Reston Town Center.
The Woodland Park Office portfolio includes Plaza Ridge II, a 160,046-square-foot, Class A office building, and South Point I and II, twin, six-story, Class A office buildings totaling 320,278 square feet.
All three buildings offer parking on surface lots and adjacent three-story parking structures.
DTZ, based in Chicago, provides property management for 1.9 billion square feet and facilities management for 1.3 billion square feet. It completed $63 billion in transaction volume globally in 2014 on behalf of institutional, corporate, government and private clients.