Iconic Herndon Building Changes Hands
By Keith Loria February 2, 2020 12:22 pm
reprints
Friedman Capital has acquired Lincoln Park, a 202,428-square-foot building in Herndon, Va., from a joint venture between Goldman Sachs (GS) and Lincoln Property Group for $50 million, Commercial Observer has learned.
“This is an incredible property,” Brian Friedman, Friedman Capital’s founder, told CO. “The building itself is a five-story, Class-A office building over 200,000 square feet on more than 11 acres of land. This area is only going to continue to grow and given the proximity to so many growing companies, there will be a need for office space which we will be well positioned to provide.”
The building is located at 13900 Lincoln Park, positioned perfectly visible from Route 28 and next to the new Amazon (AMZN) Web Services’ property at 13820 Sunrise Valley Drive.
Originally built in 1999, the property is currently 100 percent occupied to a tenant roster that includes CoxCom and Raytheon. Lincoln Property will continue to stay on as building manager and Friedman Capital will work with them on releasing the units when they become available.
“We have a foundation in historic buildings or historic locations,” Friedman said. “While the building may only be 20 years old, the location is iconic. Famously built up by Ross Perot and his Electronic Data Systems Corp. Specialty building, the area is next-to-none when it comes to safety and security. Additionally, the strategy is around the continued and exponential growth of the area and the proximity to Amazon, the airport, the CIA, and the highway.”
The deal took place off market. Judd Ryan and James Cassidy at Newmark (NMRK) Knight Frank represented the buyer and Bobby Meehling, formerly with CBRE (CBRE), consulted on the fundamentals of the area for future apartments.
“This property is part of our generational investing strategy,” Friedman said. “At the moment, we have bought and will hold and entitle the land for long-term conversion. We see this as covered land for the next generations. We have a lot of exciting plans for the future, but we are not ready to discuss that yet.”
