Posted on

Kierland One Changes Hands

Scottsdale office building sells to Dallas-based Velocis

Phoenix – October 28, 2019 – Kierland One, a 175,441-square-foot Class A office building in Scottsdale, Arizona has a new owner.  Dallas-based Velocis purchased the building from Hines and joint venture equity partner PCCP, LLC (PCCP).

Barry Gabel, Chris Marchildon and Will Mast of CBRE in Phoenix represented the seller in the transaction.

The four-story Kierland One is 90 percent leased and features institutional-quality construction and finishes, including a remodeled two-story lobby, new tenant improvements and high-end spec suites. It has a generous parking ratio of 4.3 spaces per 1,000 RSF. The property includes the global headquarters of a publicly traded engineering and manufacturing company, as well as several other notable financial services, technology, hospitality and residential related companies.

“The quality of the asset and tenancy, as well as the walkable amenities in the Scottsdale Airpark submarket make Kierland One an attractive asset for our investment strategy,” said Jim Yoder, partner, Velocis. “Phoenix continues to be one of the strongest job creation markets in the country, and we are pleased to expand our presence in the market. We look forward to building on the great work that Hines and PCCP accomplished at Kierland One by putting our own Velocis stamp on the property.”

The property offers tremendous Scottsdale Road frontage and is surrounded by numerous first-class amenities, including the high-end shopping and restaurants at Kierland Commons and Scottsdale Quarter and The Promenade among others; the Fairmont Scottsdale Princess Resort, The Westin Kierland Resort & Spa, and the JW Marriot Desert Ridge; as well as countless golf courses.

“Kierland One presented an incredible opportunity for Velocis to continue its investment into the Phoenix market with the acquisition of a high-quality, well-located office asset, offering unmatched access to Scottsdale’s high-end retail, restaurant and hotel amenities, and a diverse and well-educated labor pool,” said CBRE’s Gabel. “We’re happy to have achieved exceptional outcomes for both Hines/PCCP and Velocis — all long-term valued clients of ours.”

Kierland One is located in the Scottsdale Airpark submarket, the second-largest employment hub in metro Phoenix, where there are an estimated 12,000 businesses and more than 145,000 employees. The property’s strategic location provides direct access to the Loop 101 freeway, allowing for access to the large and diverse labor markets of Scottsdale, Phoenix, Tempe, Chandler and Mesa. 

The Scottsdale Airpark submarket consistently outperforms the overall Phoenix market in average rental rate and absorption of office space. At the end of the third quarter of 2019, the submarket’s office vacancy rate dipped to 11.49 percent, falling below the overall Phoenix market vacancy rate of 14.39 percent, according to CBRE Research.

CBRE’s Luke Walker, Brad Anderson and Mike Strittmatter will continue to lease the property under new ownership. Hines will continue to serve as the property manager.

Kierland One is Velocis’ third investment in the Phoenix market in recent years. In 2016, Velocis purchased Park One, a three-building complex in the prestigious Camelback Corridor. In addition, Velocis owned Camelback Square, a three-story Class A office building in the heart of Old Town Scottsdale from 2015 to 2019.

Dallas-based Velocis has been active in real estate since 2010, purchasing 31 assets located in major markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, and the Washington D.C. Metro Area. Velocis is led by a team of five seasoned partners who are directly responsible for the acquisition, asset management and disposition of assets. Partners in Fund II are Fred Hamm, Mike Lewis, Jim Yoder, Paul Smith and David Seifert.

About Velocis

Velocis is a private equity real estate investment firm active in the acquisition, operation/management and disposition of commercial real estate in the United States. Additional information about Velocis can be found at velocis.com.  

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

This does not constitute an offer to sell, or a solicitation of any offer to buy any securities or investment advice, nor is it intended to be a description of all material factors an investor should consider before making any investment. 

Posted on

Velocis Sells 77 Sugar Creek in Sugar Land, Texas

SUGAR LAND, Texas (July 17, 2019)– Velocis, a private equity real estate manager, has sold 77 Sugar Creek, a 143,410-square-foot Class A office building, to NorthStar Commercial Partners for an undisclosed price.

Located in Sugar Land, one, of Houston’s most sought-after suburbs, Velocis purchased the building in 2017, recognizing the future demands for quality office space in the submarket. Following a strategic repositioning, which included adding an additional 20 percent of occupancy from new tenants, Velocis sold the property in June at a 94 percent occupancy.

“77 Sugar Creek is a perfect example of the Velocis strategy,” said Velocis partner and co-founder Mike Lewis. “We identify assets in our high growth target markets that have dislocation relative to its peers in the submarket. The property had good bones but needed active management to reposition the asset, increase the NOI and then harvest the value. After implementing our repositioning initiatives, we were able to lease up the vacancy way ahead of schedule at rental rates as much as 30 percent above our underwriting achieving our upside underwriting.”

Over the 21-month hold, Velocis transformed the building, rebranding the property from Two Sugar Creek to 77 Sugar Creek. Velocis also upgraded common areas, restrooms and corridors, renovated the lobby and common areas and hired Stream Realty partners to lease and manage the property with an aggressive marketing campaign to reintroduce the much improved and repositioned asset to the market.

Dallas-based Velocis has been active in real estate since 2010, purchasing 30 assets located in major markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, and the Washington D.C. Metro Area. Velocis is led by a team of five seasoned partners who are directly responsible for the acquisition, asset management and disposition of assets. Partners in Fund II are Fred Hamm, Mike Lewis, Jim Yoder, Paul Smith and David Seifert.

About Velocis

Velocis is a private equity real estate investment firm, active in the acquisition, operation/management and disposition of commercial real estate in the United States. Additional information about Velocis can be found at velocis.com.  

This does not constitute an offer to sell, or a solicitation of any offer to buy any securities or investment advice, nor is it intended to be a description of all material factors an investor should consider before making any investment.

Posted on

Velocis Purchases Sugarloaf Corporate Center

Three-building office property is Velocis’ fourth buy in the Atlanta market

DULUTH, Ga. – (June 20, 2019) – Velocis, a private equity real estate investment management firm, has purchased Sugarloaf Corporate Center, a three-building, class A master-planned office
park centrally located in the rapidly urbanizing Sugarloaf micro market, northeast of Atlanta.

“Sugarloaf Corporate Center features a well-diversified roll schedule and captive tenancy that offers strong and secure cash-flow at an 8.75 percent going-in cap rate,” said Jim Yoder, partner, Velocis. “This property is a best-in-class office asset located in a submarket that has some of the best demographics and access in metro Atlanta.”

Sugarloaf Corporate Center sits on a 20-acre site within a 62-acre office park and mixed-use development in the heart of Atlanta’s Gwinnett County. Built between 1998 and 2001 and totaling 256,180 square feet, the property is 98 percent leased to 30 high-quality tenants.

In line with Velocis’ value-add investment approach, the fund manager will implement key property upgrades on top of extensive improvements made by the former owner. Enhancements will include an improved outdoor amenity area, including Wi-Fi and music offerings, the addition of on-site food service, cosmetic upgrades to restrooms, a new roof for one of the buildings and other back-of-house improvements.

Sugarloaf Corporate Center is Velocis’ fourth asset in the Atlanta market. The fund manager also owns Parkway at Avalon, a two-building office complex in Alpharetta. Velocis’ previous Atlanta investments include Royal Centre One, an office building in the heart of Alpharetta’s Royal 400 Office Park and 1600 Parkwood, an office building in the Cumberland/Galleria submarket.

Velocis has been active in real estate investment since 2010, purchasing 30 assets located in major markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia and the Washington, D.C. Metro Area. Velocis is led by a team of five seasoned partners who are directly responsible for the acquisition, asset management and disposition of assets. Partners in Fund II are Fred Hamm, Mike Lewis, Jim Yoder, Paul Smith and David Seifert.

About Velocis
Velocis is a private equity real estate investment firm active in the acquisition, operation/management and disposition of commercial real estate in the United States. Additional information about Velocis can be found at velocis.com.

This does not constitute an offer to sell, or a solicitation of any offer to buy any securities or investment advice, nor is it intended to be a description of all material factors an investor should consider before making any investment.

#

Posted on

CREC, Velocis Add Anchor Tenant to WPB Office Tower

CREC and Velocis have signed a 25,000-square-foot lease with Intech Investment Management as the anchor tenant at One Clearlake Centre, a LEED Silver-certified office tower in downtown West Palm Beach, Fla. Intech plans to relocate its corporate headquarters to the 221,079-square-foot property in September 2019.

The investment management firm will occupy the top two floors at One Clearlake Centre. The deal also includes building exterior signage for Intech. Following its long-term tenancy, the company is downsizing and leaving behind 50,000 square feet at CityPlace Tower, according to Yardi Matrix.

Located at 250 S. Australia Ave., One Clearlake Centre was completed in 1986 and is undergoing an expansive renovation program. The multi-million refurbishment includes new lobby areas, corridors and bathrooms, conference center and gym, a creative tenant lounge and CREC’s wellness program known as Deeper Breath. The property also features a five-story, 662-space parking garage.

Occupancy on the rise

Current ownership acquired the 19-story building in July 2017, when the property was 47 percent leased. The addition of Intech brings the property’s occupancy rate to 68 percent. One Clearlake Centre, one of the tallest buildings in the market, is close to the area’s numerous restaurants, entertainment and shopping venues such as Clematis Street and CityPlace. Additionally, TriRail and the recently constructed Brightline station are also nearby.

“Intech truly scrutinized all of their viable options and conducted an intense broad property sweep before they made the decision to select One Clearlake Centre as their new corporate headquarters,” Carol Greenberg Brooks, president & co-founder of CREC, said in prepared remarks. CREC also oversees leasing and management services at the property.

“As we continue to implement our repositioning strategy, we anticipate that leasing momentum will remain strong as tenants continue to flock to downtown West Palm Beach,” added Mike Lewis, principal at Velocis.

see article >

Posted on

Velocis Sells Royal Centre One in Atlanta Submarket

ATLANTA – (Oct. 2, 2018) – Velocis, a private equity real estate manager, has sold Royal Centre One, a 152,935-square-foot Class A office complex in the Atlanta suburb of Alpharetta, Ga. The Simpson Organization purchased the property for an undisclosed price.

“When we purchased Royal Centre One, we saw an opportunity to invest in a property with not only a premier address, but also unique characteristics,” said Jim Yoder, partner, Velocis. “As with all of our investments, our goal was to identify and unlock value in the property. Our understanding of the local market, along with some patience and restraint, played a major role in our ability to increase occupancy and raise rental rates with minimal investment, and ultimately, dispose of the asset at the optimal time.”

Velocis purchased the property, which is located at in the heart of the Royal 400 master-planned office park, in 2013 and has since raised occupancy from 53 percent to just under 80 percent. The buildings are situated over 12 acres along the GA 400 corridor. The asset offers tenants easy access to amenities including North Point Mall and the Avalon mixed-use development. Samir Idris, David Meline, Andy Johns, Stewart Calhoun and Casey Masters of Cushman and Wakefield represented the owner.

Dallas-based Velocis has been active in real estate investment since 2011, purchasing 28 assets located in markets in Texas, Colorado, Georgia, Florida, Arizona, Virginia, North Carolina, and the Washington, D.C. corridor. Velocis is led by a team of five seasoned partners who are directly responsible for the acquisition, asset management and disposition of assets. Partners in Fund II are Fred Hamm, Mike Lewis, David Seifert, Paul Smith and Jim Yoder.

About Velocis

Velocis consists of two entities: Velocis Funds and Velocis Advisors. Velocis Funds are private equity real estate funds, active in the acquisition, operation/management, and disposition of commercial real estate in the United States. Additionally, Velocis Advisors provides asset management and advisory services to both investors and real estate clients. Additional information about Velocis can be found at velocis.com.

This does not constitute an offer to sell, or a solicitation of any offer to buy any securities or investment advice, nor is it intended to be a description of all material factors an investor should consider before making any investment. 

 

Posted on

Intech leaving CityPlace for location in One Clearlake Centre

Intech, the longtime anchor tenant of the luxury CityPlace Tower office building, confirmed it plans to move to One Clearlake Centre, west of downtown West Palm Beach.

The deal, in the works for some time and first reported last November, would free up 50,000 square feet of arguably the best office space downtown.

That soon-to-be empty space will be an indicator of whether downtown really needs more luxury office space.

“It’ll be a big test,” said Kelly Smallridge, president of the county’s Business Development Board, the county’s chief recruitment arm.

“It’s very desirable space,” Smallridge said. “I don’t think it’s going to be empty that long. Everybody keeps complaining there isn’t enough office space. And (this amount of) space hasn’t come on the market in a long time.”

Intech’s 17th and 18th floors at CityPlace Tower feature water views and lots of luxury finishes.

Justin Wright, Intech’s chief operating officer and general counsel, said Intech is making the move to One Clearlake next summer for a couple of reasons.

One Clearlake Centre, at 250 South Australian Ave. offers Intech employees, clients and visitors easy access to and from Interstate 95, Palm Beach International Airport, and commuter trains, he said. An added bonus, he said, is that there aren’t any train crossing gates to worry about when heading to the building.

One Clearlake also offers Intech a dedicated generator, which allows Intech to run its business even if power is out in West Palm Beach, as can be the case during hurricane season.

Intech is taking One Clearlake’s top two floors totalling about 25,000 square feet, half the size of its existing office.

The rent is less expensive, too: Rents at One Clearlake are about $26 a square foot, not including about $15 per square foot for taxes, maintenance and insurance. CityPlace Tower, on the other hand, commands rents starting in the mid-$40 per square foot range, plus another $20 for common area maintenance, real estate brokers said.

Intech, the money management firm now owned by Janus Henderson Global Investors, was the signature tenant that first kicked off leasing when the 18-story CityPlace Tower opened in 2008. Intech moved to the tower’s penthouse floors, which are connected via an internal staircase, from a location in Palm Beach Gardens.

Now Intech’s hop over to One Clearlake could raise the profile of this older office tower. The building last year sold for $42 million to Velocis, a private equity real estate manager, in partnership with CREC, a Miami-based real estate company.

In recent months, city and business officials have said there’s a strong need for more space to accommodate businesses wanting to be downtown.

In fact, city commissioners recently approved a new office building plan by the Related Cos. to build a waterfront office tower.

The 275,000-square-foot tower, dubbed One Flagler, will be built next to the First Church of Christ, Scientist along Flagler Drive. At 25 stories, the tower will have soaring views of the Intracoastal, Palm Beach and the Atlantic Ocean.

The public was divided over the project. While some residents extolled the tower’s design and need, others decried the building’s construction on waterfront land that city residents twice voted to keep only five stories.

Brokers throughout the city say demand for new office space isn’t as robust as city leaders and some developers say it is. In fact, many brokers say potential tenants new to the market mostly want small blocks of space, up to about 5,000 square feet.

If built, it’s unclear how quickly One Flagler will fill up, especially since Related Co.’s Ken Himmel said rents will top $50 a square foot, not including another $25 to $30 a square foot in taxes, insurance and maintenance.

But Himmel is optimistic, saying that many tenants own homes in Palm Beach and want to do business in the area. Potential tenants include financial services companies, private equity firms, hedge funds, family offices and wealth management firms, he said.

see article>

Posted on

Velocis Sells Sunset One & Two Medical Plaza in Raleigh, N. C.

Pair of medical office buildings located within the Research Triangle Region

Raleigh, N. C. – (Aug. 22, 2018) – Velocis, a private equity real estate manager, has sold Sunset One & Two, a pair of medical office buildings totaling more than 36,000 square feet in Raleigh, N.C. A subsidiary of Health Trust of America (NYSE: HTA) purchased the property for an undisclosed price.

“When we purchased Sunset One & Two, we saw a great opportunity to invest in medical office buildings that were located in a highly-sought after market, only a few blocks from a premier hospital and in the Research Triangle Region,” said Jim Yoder, partner, Velocis. “Our goals with these properties were to use Velocis’ leasing and management expertise to add value to this asset and maintain a strong, stable occupancy rate, which we were able to accomplish.”

Sunset One (3909 Sunset Ridge Road) totals 14,765 square feet, and Sunset Two (3921 Sunset Ridge) totals 21,332 square feet. Located within the Research Triangle Region, the property offers tenants easy access to UNC Rex Healthcare Hospital, the Blue Ridge corridor and West Raleigh submarket. Velocis purchased the property in 2014 and made renovations to common areas, lobbies and restrooms of both buildings.

Trinity Partners Investment Sales Directors Mark Alviano, Dunn Mileham, and David Morris represented Velocis in the transaction. Trinity Partners’ leasing and management team of Esther Austin, Eve Pilkington, and Carrie Karcher generated strong leasing momentum, with four new tenants and two lease renewals in the last eighteen months

“There has been a lot of attention on the West Raleigh office submarket from investors, and certainly the underlying fundamentals support this superior demand for quality investment opportunities,” said Mark Alviano, Director, Investment Sales for Trinity Partners.

Dallas-based Velocis has been active in real estate investment since 2011, purchasing 28 assets located in markets in Texas, Colorado, Georgia, Florida, Arizona, Virginia, North Carolina, and the Washington, D.C. corridor. Velocis is led by a team of five seasoned partners who are directly responsible for the acquisition, asset management and disposition of assets. Partners in Fund II are Fred Hamm, Mike Lewis, David Seifert, Paul Smith and Jim Yoder.

About Velocis

Velocis consists of two entities: Velocis Funds and Velocis Advisors. Velocis Funds are private equity real estate funds, active in the acquisition, operation/management, and disposition of commercial real estate in the United States. Additionally, Velocis Advisors provides asset management and advisory services to both investors and real estate clients. Additional information about Velocis can be found at velocis.com.

This does not constitute an offer to sell, or a solicitation of any offer to buy any securities or investment advice, nor is it intended to be a description of all material factors an investor should consider before making any investment. 

Posted on

Velocis Buys Prince George’s County Retail Center, Its 5th D.C.-Area Acquisition Since 2015

Velocis has acquired its fifth D.C.-area property since 2015, and its first retail asset, with the purchase of a Prince George’s County shopping center.

The Dallas-based investor, in partnership with Katz Properties, announced this week it acquired Brandywine Crossing, a 230K SF retail center, for an undisclosed price.

The NKF Capital Markets team of Robert Griffin, Geoffrey Millerd, Mat Adler, Christian Brannelly and Chris Huesgen brokered the deal on behalf of the seller, which property records show is an LLC registered to Chicago-based ShopCore Properties. NKF’s Joe Donato and Maury Zanoff arranged financing for the buyer.

“We received significant interest from both banks and life companies given the strong national tenant roster,” Donato said in a release. “Rapid population increases within the trade area and experienced sponsorship have generated positive attention toward the asset.”

The shopping center at 15922 Crain Highway in Brandywine, Maryland, is anchored by Safeway and Marshalls and sits next to Target and Costco. The retail hub also includes a crafts store, a nail salon, a shoe store, a barber, an auto parts store and several food and beverage options.

“Brandywine Crossing represents an opportunity to acquire a grocery-anchored shopping center in a burgeoning community near Washington, D.C,” Velocis partner Paul Smith said in a release. “Acquiring assets in this metro area is an integral part of Velocis’ investment strategy.”

Velocis earlier this month acquired the two-building Greensboro Park office complex in Tysons. It began its D.C.-area buying spree in August 2015 with the purchase of Loudoun Gateway II and III. It then bought Shirlington Tower in December 2015 and acquired a Falls Church office property in March 2017.

see article>

Posted on

Velocis Purchases Brandywine Crossing Retail Center in Maryland

Grocery-anchored shopping center provides regional draw and high visibility

Brandywine, Md. – (June 27, 2018) – Velocis, a private equity real estate manager, in partnership with Katz Properties, has acquired Brandywine Crossing, a 230,925-square-foot Class A retail center located at 15922 Crain Highway in Brandywine, Md.

“Brandywine Crossing represents an opportunity to acquire a grocery-anchored shopping center in a burgeoning community near Washington, D.C. Acquiring assets in this metro area is an integral part of Velocis’ investment strategy,” said Paul Smith, Velocis partner. “The property’s visibility assists in capturing the surrounding consumer market through unmatched traffic, and it represents a dominant retail destination.”

Brandywine Crossing is located approximately 20 miles southeast of Washington, D.C. within Prince George’s County, one of the fastest-growing areas in the country. Its strategic placement along Brandywine’s main thoroughfare, Crain Highway (Route 301), provides high accessibility and visibility with roughly half a mile of frontage. The open-air retail center is anchored by Safeway, Marshalls, Target and Costco. Katz Properties will provide management services for the property.

Brandywine Crossing represents the fifth acquisition in the Washington, D.C. Metro area made by Velocis. In 2015, the firm purchased Loudon Gateway II and III, two Class-A suburban office buildings in Sterling, Va., and Shirlington Tower, a Class-A office building in Arlington, Va. In 2017, Velocis acquired 3120 Fairview Park, a Class-A office building in Falls Church, Va. Earlier in June of this year, Velocis purchased Greensboro Park, a two-building office complex in Tysons, Va. in 2018.

Dallas-based Velocis has been active in real estate investment since 2011, purchasing 28 assets in select markets in Texas, Arizona, Colorado, Georgia, Florida, North Carolina and the Washington, D.C. Corridor. Velocis is led by a team of five seasoned partners who are directly responsible for the acquisition, asset management and disposition of assets. The partners of Velocis are Fred Hamm, Mike Lewis, David Seifert, Paul Smith and Jim Yoder.

About Velocis

Velocis consists of two entities: Velocis Funds and Velocis Advisors. Velocis Funds are private equity real estate funds, active in the acquisition, operation/management, and disposition of commercial real estate in the United States. Additionally, Velocis Advisors provides asset management and advisory services to both investors and real estate clients. Additional information about Velocis can be found at velocis.com.

About Katz Properties

Katz Properties is a real estate investment, development and management company with offices in Connecticut, Florida, Massachusetts, New Hampshire, New York, Pennsylvania and Virginia that focuses on the acquisition, operation and repositioning of retail shopping centers on the East Coast. Katz Properties will serve as the property management company for Brandywine Crossing. Additional information about Katz Properties can be found at katzproperties.com

This does not constitute an offer to sell, or a solicitation of any offer to buy any securities or investment advice, nor is it intended to be a description of all material factors an investor should consider before making any investment. 

Posted on

Velocis, Altus Buy 500 KSF DC-Area Office Campus

Velocis has expanded its footprint in suburban Washington, D.C., with the acquisition of Greensboro Park, an approximately 500,000-square-foot office campus in Tysons, Va. The private equity real estate manager partnered with Altus Realty on the purchase of the two-tower property from Beacon Capital. At the time of sale, the complex was 83 percent leased.

Occupying seven acres in the coveted The Hill micro-market roughly 15 miles outside Washington, D.C., Greensboro Park sits within walking distance of a Metro station and the 800,000-square-foot Tysons Galleria regional shopping mall. The complex consists of the 243,500-square-foot building at 8180 Greensboro Drive, which also includes 2,000 square feet of ground-level retail space, and the 259,400-square-foot structure at 8200 Greensboro Drive. Developed in the 1980s, Greensboro Park underwent a renovation in 2015.

“Greensboro Park represented a rare chance to acquire two assets that checked most of our boxes: solid in-place income, a bit of vacant space, rents that have room to increase within our competitive subset, and great walkability,” Paul Smith, principal with Velocis, told Commercial Property Executive. Greensboro Park offers additional upside potential, as the property has been approved for the development of two high-rises that could accommodate up to 520 multifamily units.

Velocis and Altus have tapped commercial real estate services firm JLL to manage the property.

Northern Virginia expansion

Greensboro Park marks Velocis’ fourth office purchase in Northern Virginia. In 2015, the company acquired Shirlington Tower in Arlington, a 233,500-square-foot office asset, as well as the two-building, 180,000-square-foot Loudon Gateway II & III in Sterling. Greenberg enhanced its presence in the area again last year, snapping up the 191,400-square-foot property at 3120 Fairview Park in Falls Church. “The Northern Virginia market is very efficient and competitive, and we have been very careful to build our portfolio there over the past three years,” Smith noted.

Tysons has been of particular interest to the company. “We have reviewed a number of quality opportunities in Tysons over the past few years as that submarket has begun to mature into a true live-work-play environment,” he added. “On most of those assets, pricing was very aggressive, and the deals were priced to core levels.”

The parties involved in the Greensboro Park transaction are remaining mum on the sale price. Beacon Capital, which was represented in the transaction by commercial real estate services firm CBRE, had owned the asset since acquiring it from Lehman Brothers in 2010 for approximately $125.3 million.

see article>