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PS Business Parks Buys Part of Former West*Group Portfolio for $140 Million

California REIT Expands Presence in Northern VA market With Deal for 7 Office Buildings on 40-Acre Site
December 15, 2010
PS Business Parks, Inc. (NYSE:PSB) has gone shopping in Tysons Corner again. The Glendale, CA-based REIT paid $140 million to buy a 735,000-square-foot, multi-building office park, part of the former West*Group portfolio, to expand its holdings in the area following its July purchase of Tysons Corporate Center I and II for $35.4 million.

The $140 million acquisition includes seven, six-story office buildings on nearly 40 acres that are currently 62% leased and gives the REIT a one million-square-foot portfolio in Tysons Corner.

"PS Business Parks now has an excellent platform in the Tysons Corner submarket," noted Maria Hawthorne, East Coast senior vice president for PS Business Parks.

The firm owns a total of approximately 4 million square feet of multi-tenant office and flex space in Virginia, and approximately 6.4 million square feet in the Washington Metro market overall. The company said it funded the acquisition with cash on hand and its credit facility.

Grubb & Ellis won the hotly contested right to market the seven office buildings and land located along Westbranch and Jones Branch drives for the seller, Credit Suisse, which acquired the property earlier this year as part of a 15-building, 1.3 million-square-foot portfolio from longtime owner West*Group.
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