Vision Properties Snaps Up Amazon-Leased Office for $110M, Lands $60M Loan
By Cathy Cunningham March 8, 2023 4:40 pm
reprints
Vision Properties has acquired South Lake at Dulles Corner Business Park in Herndon, Va., for $110 million, Commercial Observer can first report.
Griffin Realty Trust was the seller of the 270,000-square-foot property, which is fully leased to Amazon (AMZN) Web Services.
Vision landed a $60 million acquisition loan for the deal, provided by Société Générale and negotiated by Progress Capital’s Brad Domenico. Despite a challenging financing environment, the loan structure includes five years of interest-only payments.
“This is a high-quality, well-positioned office product in a dynamic marketplace and a great investment,” Domenico said in a statement.“I’m pleased to have taken part in helping my client accomplish his business goal.”
The deal closed March 2.
Griffin acquired the 10-story building at 13820 Sunrise Valley Drive in 2015— leased to Time Warner Cable Southeast at the time —as part of a portfolio deal. In 2019, the firm locked in a new, 12-year lease with Amazon that began in April 2020 to coincide with the completion of a $42 million renovation of the property, catered specifically to the tech giant.
Today, the building includes a new fitness center, gaming rooms, high-tech conference rooms and a dog park. The property also includes a 921-space parking garage with charging stations for electric vehicles.
It sits close to Dulles International Airport and is roughly 27 miles from Amazon’s HQ2 in Arlington, Va., the first phase of which is now nearing completion.
Vision Properties, led by Fred Arena, is headquartered in Tampa, Fla. The firm’s roughly $1 billion portfolio of Class A office properties spans 8 million square feet nationwide, according to its website.
Officials at Vision Properties and Société Générale didn’t immediately return requests for comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com
