Buchanan Partners and The Pinkard Group have acquired Lakeside III @ Loudoun Tech Center
In a joint venture with Boston-based AEW Capital Management, Buchanan Partners and The Pinkard Group have acquired Lakeside III @ Loudoun Tech Center, a 101,787 square foot Class-A office building located at 21355 Ridgetop Circle in Sterling, Virginia. Debt financing for the acquisition was provided by Wells Fargo Bank, N.A. With a reputation as one of Loudoun County’s premier office assets, the acquisition of Lakeside III signals renewed investor activity in value-add office property in Northern Virginia’s Dulles Airport Technology Corridor.
“We are excited to be entering a strengthening Northern Virginia office market with the dedicated and experienced sponsors we have in The Pinkard Group and Buchanan Partners,” states AEW Capital Management Director Paul Ketterer. He continues, “The nature of this acquisition - the building’s quality and our basis - enables us to go to prospective tenants with the most competitive leasing packages in our region.”
P7/Buchanan Pinkard Lakeside Holdings, LLC, the new venture formed by The Pinkard Group, Buchanan Partners, and AEW Capital Management, anticipates making additional acquisitions in the value-add office arena in the near future. Says Pinkard Group Principal Bob Pinkard, “We believe strongly in the local office market and Lakeside in particular. The building’s campus like setting and immediate proximity to popular restaurants and Dulles Town Center Mall’s first rate shopping make this a very attractive place to locate a business in Loudoun County.”
In fact, the Lakeside complex at Loudoun Tech Center served as the east coast headquarters of VeriSign, Inc., the global leader in domain names (NASDAQ: VRSN), from 2001 through 2010. Bob Buchanan, Principal with Buchanan Partners, notes, “In this setting, with both a strong roster of existing tenants such as Wells Fargo, M/I Homes, Arvato Digital Services, and Virtacore, and available full floor space that can provide 26,700-53,400 square feet of contiguous area on our upper floors, we have the best mix of a vibrant office community and a fresh canvas for those interested in establishing an office here.”