Ashburn Center

Ashburn Center

 

 

Ashburn Center

Ashburn Center

NORTHERN VIRGINIA | 195,000 sq. ft.

*purchased while senior management team at First Potomac Realty Trust

Property Overview

  • Located in Ashburn, VA in close proximity to major fiber for data center locations
  • Three Buildings totaling 195,000 SF

 

Acquisition Details

  • Off market transaction sourced through a direct relationship with the developer
  • Creative structure allowed the developer to participate in the upside
  • Acquired through a discounted payoff at less than 50% of construction cost
  • Purchased for $14M ($72psf) in December 2009 at 45% occupancy

 

Execution

  • Brought to 100% leased within nine months by expanding the existing data center and signing Gold’s Gym to a full building lease
  • Total investment of ~$19.7M ($101psf)
  • Sold in July 2014 for $41M ($210psf)