Hines, Oaktree Snag Arlington Office in $93M Deal
A joint-venture between Hines and Oaktree (OAK-A) Capital Management has acquired Two Liberty Center, a 178,700-square-foot Class A office building in Arlington, Va., from Westbrook Partners for $93.2 million, according to JLL (JLL), which represented the seller in the deal.
The firm also secured a seven-year, floating-rate $66.7 million acquisition loan through Bank of America (BAC) for the buyer.
The nine-story property is currently 95 percent leased to 16 tenants including TechSpace, Raytheon and Strategic Analysis. It offers 20,000-square-foot floor plates and is one of only three assets in the submarket with a rooftop deck.
Westbrook, which acquired the building for $72 million in 2017, completed its repositioning of the property in January. The work included a new lobby, new spec suites and parking for more than 300 vehicles.
JLL’s Andrew Weir, Jim Meisel, Matthew Nicholson, David Baker and Stephen Conley handled the sale on behalf of Westbrook. JLL’s capital markets team for the financing included Susan Carras, Rob Carey and Drake Greer.
The building’s location, at 4075 Wilson Boulevard within the Ballston neighborhood’s Liberty Center complex, is a “main & main” prominent corner location. There are onsite amenities, including the Sweetgreen and Rustico restaurants, plus nearby walkable amenities within the eight-building complex.
The under-construction complex is expected to deliver upwards of 500,000 square feet of retail and entertainment options, as well as more than 2,000 new residential units in the next year.
A good chunk of the White House’s budget for defense spending flows through the Northern Virginia area, the source said. Furthermore, the region offers a highly attractive environment for doing business, and Northern Virginia has been the beneficiary of numerous corporate relocations, mostly notably Amazon (AMZN) HQ2.
Energy Star and LEED-Gold certified, Two Liberty Center sits just two blocks from the Ballston Metro and is situated along the Rosslyn-Ballston Corridor with access to I-66 and Route 50.