$77.5 Million Non-Performing Office Loan
US - Washington, DC
HK$608,364,000 | 306,859 sf
Jones Lang LaSalle Americas, Inc. ("JLL"), as exclusive representative for Owner, is pleased to present this opportunity to purchase Parkridge III (the “Property”), a 107,405 RSF Class A office building located at 10701 Parkridge Boulevard in Reston, Virginia. The Property is 98% leased to 9 tenants with 5.8 years of WALT. Ownership has invested over $4.0MM ($37 PSF) of capital into the building since 2014, repositioning the lobby, common areas, restrooms, and tenant spaces to meet contemporary demands of Class A tenancy.
Located directly off the Dulles Toll Road and within Parkridge Business Park, the Property has consistently outpaced its submarket, due to its amenitization and entrenched tenancy. Parkridge Business Park’s 3-year historical occupancy is 94% compared to Reston’s 85% 3 year historical occupancy. Parkridge III’s two largest tenants in the building, Acuity International (43.4% of RBA) and Jackson Lewis (23.8% of RBA), have been tenants at the Property since 2007 and 2008, respectively.
The Property has direct access to the Dulles Toll Road and proximity to Dulles International Airport, and Wiehle Reston East Metro Station, which was completed in 2014. Phase 2 of the Silver Line Metrorail project is expected to be completed in Early 2022, creating mass-transit connectivity from Reston directly to Dulles International Airport. Parkridge III’s existing amenity base is anchored by Reston Station (1.9 miles) and Reston Town Center (4.0 miles), two of Northern Virginia’s premier live-work-play destinations. This amenity base will be significantly enhanced by over 4.4 million square feet of nearby transit-oriented development in the pipeline.