Atlanta-Based Firm Buys Trio of Offices in Reston, Va.
By Christina sturdivant-Sani September 25, 2018 5:05 pm
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Bridge Investment Group has purchased a 255,000-square-foot office campus located in Reston, Va., according to a press release from the Atlanta-based firm. The trio of Class-A buildings called The Campus at Sunrise are located at 11130, 11180 and 11190 Sunrise Valley Drive.
Cushman & Wakefield marketed the property for the seller, global real estate investment firm Grosvenor Americas, for $61 million in May, according to Reston Now, which noted that Grosvenor bought the property in 2011 for $63 million. Grosvenor nor C&W responded to Commercial Observer’s request for comment.
A Bridge spokeswoman would not disclose the purchase price, but said the deal closed on September 21. Bridge was not represented by a brokerage firm.
Originally built between 1987 and 1990, The Campus at Sunrise is currently 85 percent occupied, per the release. The property is a short walk from the Wiehle-Reston East Metro Station and one half-mile from Reston Station, an under construction mixed-use community that will feature more than 100,000 square feet of restaurants, shops and service retailers.
“The acquisition of The Campus at Sunrise presents an opportunity to create a next-generation workplace in one of the nation’s most dynamic submarkets,” said Tommy Spinosa, Bridge’s acquisitions director, in a prepared statement.
Later this year, Bridge will make significant renovations to all three buildings, according to the release. Plans include “updated lobby areas, enhanced tenant amenity center, next-generation flexible spec suites, communal outdoor areas and a full menu of special events and entertainment for office tenants.”
The firm will create a workplace community “that resonates with top professional talent and generates the bottom-line results our tenants seek,” Spinosa continued.
Office spaces ranging from 2,000 to 13,000 square feet are currently available and the first round of spec suites are scheduled to deliver in the second quarter of 2019, according to the release. C&W’s Erin Cotter, Josh Masi and Matt Bundy are handling leasing.
