MRP Buys 8-Building, 532k SF Dulles Office Park

Dulles Liberty Park office portfolio
Courtesy: MRP Realty

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.”

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Washington, D.C. Newsletters
Related Stories

Cross Ocean Partners, Fuller Realty Acquire 829K SF Houston Office Campus

NYC Office Investor Warns It Could Go Under As Defaults Pile Up

Deutsche Bank Takes 5 Floors At Oaktree And Quadrant's Canary Wharf Scheme

Coconut Grove Office Flipped For $15M Gain After One Year

D.C.'s Office Market Is Getting A Makeover

Oxford Properties Pays $435M For Boston Office Tower, Eyes More Deals

Judge Rules FBI Can't Scrap Maryland Headquarters Plan

EXCLUSIVE: Opal Holdings' Former 700K SF Suburban Chicago Office Campus Hits The Market

CGI Merchant Had A-Rod's Backing And A $650M Fund. Then It Bought Trump's D.C. Hotel And It All Fell Apart

Judge Approves $70M Sale Of Philly's Largest Office Complex

Brookfield Offloads 3-Building Silver Spring Office Complex

Wildfires Reignite Case For Landlords To Invest In Air Quality