Gramercy Property Trust Sells Pacific Corporate Park For $145M
NY-based REIT Gramercy Property Trust remains in disposition mode and has announced its latest sale, this time in the Northern Virginia market.
The company has reached a deal with a private investment manager to sell the Pacific Corporate Park in Sterling for $145.5M, which is anchored by MA-based defense contractor Raytheon. The company has occupied 600k SF at the mid-rise campus since 2009, and is scheduled to remain in the park until 2026, CoStar reports. It was originally built as part of AOL's worldwide HQ.
The four-building Pacific Corporate Park is along Pacific Boulevard in the Route 28 Corridor. The property delivered in the early 2000s and spans 696k SF. This is the latest sale from Gramercy, a firm that has sold more than $646M in assets since announcing plans to sell select single and multi-tenant office assets in its portfolio. The firm has deals in place to sell another $70M in assets, and has roughly $250M in real estate in the market.
The Northern Virginia office market has come back to life of late and seen several large-scale transactions take place, including the sale of 773k SF of office space combined at Westfields and Washington Technology Park for $87M. [CoStar]