Cambridge Closes Sales of West End, Tysons Office Buildings
Cambridge Property Group has closed two office sales—one in Tysons and another in the West End—in the last two days.
Galaxy Metro purchased a five-story Class-A office building in Tysons Corner for $21.5M from TIAA-CREF. The property, known as the Harrison building, is at 1760 Old Meadow Rd and has 53k SF available for lease, more than half the building. Cambridge has been retained to manage and lease the property, which will receive comprehensive common area upgrades and be renamed "Cambridge Metro Overlook."
The Harrison was developed in 1999 and is just a short walk away from the Metrorail Silver Line. The building features a two-story marble lobby and a five-level structured parking garage with covered breezeway.
Cambridge also represented a JV of Hartford Investment Management Co and Galaxy Investments, in their acquisition of 1250 23rd St NW in the West End submarket of DC.
The 128k SF mixed-use property was purchased from Westport Capital Partners for $64M. The building is 100% leased and in the heart of the West End, in proximity to the Central Business District and Georgetown. Cambridge has been retained to provide property management and leasing services for the new ownership.
Andrew J. Czekaj, managing member of Galaxy, described the transaction as “a rare opportunity in Washington, DC, to purchase a well-leased project, with credit tenancy, which also provided strong double-digit returns on our investments. We will continue to aggressively pursue similar transactions in the Washington, DC, metro area.”
1250 23rd St was built in 1989 and renovated in 2010, which included a new fitness center, new restrooms and common areas, and upgrades and replacements of the building systems.