Republic Property Trust purchased Dulles Park Technology Center, an approximately 181,000-square-foot office building in Herndon, Va.
The value of the transaction was approximately $48.3 million, or $267 per rentable square foot.
Dulles Park is a five-story, class A property situated on 7.6 acres. Completed in 1999, Dulles Park was approximately 70 percent leased at the time of sale to tenants including U.S. government agencies, IBM and government contractors.
Dulles Park is adjacent to Campus at Dulles Technology Center, a seven-building office park currently owned by Republic Property Trust. The company’s portfolio now consists of 13 class A office properties, representing approximately 2.4 million square feet, in Greater Washington, D.C.
Republic Property Trust is a fully integrated, self-administered real estate investment trust formed to own, operate, lease, acquire and develop primarily class A office properties.