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Cambridge Property Group Lists The Atrium at Worldgate in Herndon, Virginia, for Sale

Vienna Firm Taps Transwestern to Market 130,000-SF Office Building Located Near Future Herndon Metro Station
October 5, 2018
Cambridge Property Group has listed a Class A office building located three blocks from the planned Herndon Metro Station in Herndon, Virginia, for sale, as the company looks to cash in on the upside potential from the future station.

The Atrium at Worldgate is a 130,770-square-foot, four-story building that is 89 percent leased to 13 tenants tenant roster that includes General Dynamics’ Tenacity Solutions and Nokia Networks, among others. Rents in the building are nearly 9 percent below the market rate and have a weighted average lease term of four years and three months.

According to Transwestern Executive Managing Director Gerry Trainor, whose Mid-Atlantic capital markets group is handling the sale, nearly half of the leases at The Atrium roll over between 2020 and 2022, which will coincide with the delivery of the new Herndon station and could lead to a jump in rents.

“With the Herndon Metro Station opening in 2020, this transit-oriented opportunity will provide an investor with stable cash flow and future upside through the lease-up of the vacant space and rent increases when the below-market rents roll to the prevailing rates," noted Trainor. "The Herndon Metro Station is expected to induce rent growth that will rival what nearby Reston experienced with the opening of the Wiehle-Reston East Metro Station.”

Vienna, Virginia's Cambridge Property Group paid $19.65 million in 2016 to acquire The Atrium at Worldgate at 205 Van Buren St. Remodeled by former owner AEW Capital Management, the building sports an updated atrium lobby, fitness center and cafe with outdoor seating.

An asking price has not yet been disclosed.
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