Washington Property Co. acquires two suburban office buildings for $8 million in MD & VA from Cornerstone

June 6, 2017

Bethesda, MD — Washington Property Company (WPC) of Bethesda has acquired two office buildings in the Maryland and Virginia suburbs of Washington, DC for a total of $7.96 million. These acquisitions, one in Montgomery County, MD and the other in Fairfax County, VA represent deep-value opportunities from motivated sellers. 

Computer Science Corporation (CSC) sold WPC a 116,000 s/f office building located at 3160 Fairview Park Blvd. just off I-495 in Fairfax County, VA, for $7.150 million. The building, situated just off I-495 in one of the area’s preeminent office parks, was constructed in 1987 as CSC’s headquarters. 

James Molloy of JLL represented the seller in the transaction. 

“At $62 per s/f, this fully functional office building represents a great opportunity for repositioning as a headquarters location,” said WPC’s Andrew Eshelman, principal-acquisitions. “We plan to gut all systems and renovate the building, then re-lease it speculatively to tenants seeking renovated class A space at the lowest class A rental rates.” 

On the other side of the Potomac, WPC has acquired 12125 Veirs Mill Rd., a 28,000 SF office building located at the highly-trafficked intersection of Randolph Rd. and Veirs Mill Rd. in Wheaton/Glenmont. Built in 1978 and currently 50% occupied, the property was acquired for $815,000 from Cornerstone Realty 

 

 

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