Stonewater Closes $37.5 Million Office Tower in Alexandria, VA; 100% Leased to Government Tenants
White Plains, NY (PRWEB) November 25, 2004:
Stonewater Partners announced today that it has closed on the purchase of Park
Center I, a 218,864 square foot office tower with structured parking in
Alexandria, Virginia for $171/sf.
The building is 100% leased serving as the headquarters for the USDA’s Food and
Nutrition Services Department and is also headquarters to the Department of
Defense’s Army Audit Division.
Commenting on the transaction, Jeffrey Toporek, a Stonewater principal, stated
"the transaction is a strategic DC metro area acquisition with significant near
term upside opportunities.”
David Stade, also a Stonewater principal, added “the acquisition marks
Stonewater’s first multi-tenant property and further diversifies our portfolio
with federal government credit now accounting for nearly 50%.”
Stonewater assumed an existing securitized mortgage at above market interest
rate and low leverage.
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