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Velocis Partners with Altus in $142 Million Purchase of Greensboro Park in Tysons

Two-Building Office Complex Across From Tysons Galleria to Undergo Capital Improvement Program
June 12, 2018
Looking to bolster its Washington, D.C.-area portfolio, Velocis partnered with local real estate development and investment company Altus Realty to acquire the Greensboro Park office complex in Tysons Corner for $142 million, or approximately $277 per square foot, from Beacon Capital Partners.

A private equity real estate manager out of Dallas, Velocis had been eyeing several investment properties across the Tysons Corner area before landing on Greensboro Park, according to Velocis Principal Paul Smith, who cited the properties' in-place cash flow and ability to add value as reasons for its selection.

Measuring 505,085 square feet, Greensboro Park is located across from the Tysons Galleria near the Greensboro Metro station and adjacent to the 4.2 million-square-foot The Boro mixed-use development at 8180 and 8120 Greensboro Drive. The 11-story 8180 Greensboro building was constructed in 1989 and totals 248,372 square feet, while the 15-story 8200 Greensboro building delivered in 1979 and totals 263,522 square feet. Together, the buildings are 83 percent leased to a tenant roster that includes medical, financial and professional firms.

Boston's Beacon Capital Partners paid $125.25 million to acquire the complex in 2010, and in 2015 completed a value-add initiative at the two buildings. Velocis and Altus Realty plan to execute a capital improvement program of their own that will target the building lobbies, common areas, restrooms and green space. Current amenities include a fitness center, conference center, tenant lounge and cafe.

The acquisition marks the fourth investment in Northern Virginia for Velocis, which also owns Loudoun Gateway II and III in Sterling, VA’s Loudoun Gateway Business Park; Shirlington Tower in Arlington, VA; and 3120 Fairview Park, a 191,361-square-foot office building the company purchased last year in Falls Church, VA.

Representatives with CBRE negotiated the sale for Beacon Capital Partners. Velocis and Altus have tapped Jones Lang LaSalle to manage Greensboro Park moving forward.

For more information on the transaction, please see CoStar Comp #4288707.
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