Moore & Associates Buys 4-Building Herndon Office Complex With $10M Renovation Plan
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The four-building Worldgate Metro Plaza office complex in Herndon is just 50% occupied today, but with a Silver Line Phase 2 station coming in nearby, one Bethesda-based firm is betting it can lease it up.
Moore & Associates, in partnership with an Alabama-based investment firm, just acquired the 325K SF office complex from Inventrust Properties. Colliers International's David Gast and Bill Kaye represented the seller.
The complex, built in 1999, sits on the Dulles Toll Road a quarter-mile west of the Herndon-Monroe Park and Ride, the site of the future Herndon Silver Line station. Phase 2 of the rail line is expected to open in 2020 and has already spurred a wave of development and attracted big new office tenants to the corridor.
Moore & Associates will manage and lease the complex. It partnered with Birmingham-based investment firm Harbert Management Corp. on the deal. Following the acquisition, the JV plans to invest $10M to renovate the complex and add a new conference center, fitness center, lobbies and outdoor spaces.
“Worldgate Metro Plaza has a truly best-in-class location, and is uniquely poised to offer a large tenant over 100K SF of contiguous space, Toll Road signage, above-market parking ratios and a Class-A amenities atmosphere,” Moore & Associates principal Vince Coviello said in a release.
This is the third big D.C.-area deal for Moore & Associates in the last two years. It has partnered with Dallas-based Velocis on the acquisitions of Shirlington Tower in Arlington and 3120 Fairview Park in Falls Church.