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PREI Sold Orbital Sciences Campus for $85.6 Million

Select REIT Picked Up 337,228 SF in DC Suburb
December 13, 2012
Prudential Real Estate Investors completed its trade of the 337,228-square-foot Orbital Sciences Campus in Sterling, VA, for $85.6 million or $254 per square foot. Select Income REIT was the buyer.

PREI acquired the Class A portfolio five years ago from Boston Properties.

The three-building office complex is at the intersection of Warp Drive and Route 28 North, about 40 minutes northwest of Washington, DC. The 11-year-old campus is fully leased to and serves as the global headquarters of Orbital Sciences Corp.

Stephen Conley, Jim Meisel, Dek Potts, Andrew Weir and Matt Nicholson of HFF represented PREI.

Select REIT is a real estate investment trust that primarily owns properties that are net-leased to single tenants.

PREI is the commercial real estate investment management business of Prudential Financial. It manages $50 billion in gross real estate assets on behalf of more than 490 global clients.

Refer to CoStar COMPS #2614470 for more information.
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