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MRP Realty just made a big value-add play in Fairfax County, purchasing the eight-building, 532k SF Liberty Park office portfolio in the Dulles technology corridor.
The 32-acre property sits less than half a mile from the upcoming Innovation Center Silver Line metro stop, which is expected to deliver in 2020. The seller was Liberty Property Trust, repped by Cushman & Wakefield. The sale price was reported to be $97M.
Five of the buildings, at 13605-13645 Dulles Technology Drive, are single-story properties, while the others are two, three and five stories.
MRP plans a value-add repositioning of the properties, which are 75% leased. The developer has no current plans for demolition of existing buildings or construction of new ones. Down the line, the location is suited for a transit-oriented project, like the other massive projects in the pipeline along Silver Line Phase 2.
“Companies that are seeking to relocate or expand their operations have found increasing value in the Dulles corridor and the Liberty Park portfolio is an opportunity for MRP to reposition these buildings to reflect the shifting dynamics of today’s workforce,” MRP Realty's Cris White said in a release. “In addition, the location of the Silver Line and forthcoming Metro stations will give yet another option for commuters to these properties in the near future.”
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