Brandywine Sells 201k SF Herndon Office Property To Goldman Sachs
The deal, which closed May 11, was announced yesterday by broker HFF, which repped the Pennsylvania-based REIT. Brandywine bought the property in 2005 for $51.5M, so the REIT swallowed a $7M loss as it exits a suburban office property. But Goldman—named only as an "institutional investor" in HFF's release—clearly sees value in a property an easy walk to the future Herndon Silver Line stop.
The buildings also overlook the Dulles Toll Road and are three miles from the Dulles Airport—which will be an easy Metro ride away when Phase 2 delivers around 2020. The property (above) comprises two mid-rise office buildings at 196 and 198 Van Buren St. The four-story buildings are 91% leased.
“The arrival of the Silver Line has been transformational for the Dulles Corridor,” Andrew Weir, senior managing director at HFF, said in a press release, "as tenants migrate to office properties surrounding existing and future Silver Line stations, driving strong positive absorption, decreasing vacancy rates and providing impressive rent growth."