Cushman & Wakefield represents MRP and Walton Street Capital
Cushman & Wakefield today announced that it has secured $80 million acquisition financing for the Liberty Park Portfolio in Herndon, VA.Cushman & Wakefield Executive Managing Director John Campanella arranged bank financing for this project on behalf of MRP Realty and Walton Street Capital.
“The Washington, DC region is consistently one of the top performing metropolitan areas in the country due to its reliably strong economic fundamentals,” said Mr. Campanella. “In the Northern VA suburbs, strong sponsorship continues to get aggressive structure and pricing. Liberty Park benefits from its location in Fairfax County, the economic engine of Northern Virginia and one of the country’s leading suburban economic centers.”
The Liberty Park Portfolio is 87% leased and home to tenants such as the GSA, Microsoft Corporation, CDW Government, Artel and Amazon Web Services. The 32 acre office park contains over 530,000 square feet in five single-story buildings, one two-story building, one three-story building and one five-story building ranging in size from 29,500 to 181,700 square feet. The location has high visibility fronting the Dulles Toll Road and is within walking distance of the future Innovation Center Metrorail station on the Silver Line slated to be completed in 2020.
The property is located within a three mile radius with access to an abundance of established amenity bases including Reston Town Center, Woodland Park Crossing, and Worldgate Centre, along with 3.8 million square feet of mixed-use transit-oriented development (TOD) planned over the next several years, which will transform the area into a vibrant and pedestrian friendly community. MRP and Walton Street Capital intend to launch a value-add reposition and leasing program meant to transform a portion of the portfolio into creative office space and bring selective improvements to the remaining buildings.
About MRP Realty
Founded in 2005, MRP Realty is a real estate operating company focused on opportunistic and value-add investment in the northeastern United States, with offices in the Washington, D.C. metro area, Maryland, Virginia, Pennsylvania, and New York City. MRP provides to its institutional capital partners a full array of real estate services including: acquisition/disposition, development/construction management, property management, asset management and financial reporting services. Since the company’s inception, MRP has deployed $3.5 billion in total capitalization, with another $2 billion of active residential, office, mixed-use, and industrial projects underway. MRP Realty’s combined development assets total more than 16 million square feet, with an additional 8 million under management. For more information, please visit www.mrprealty.com.
About Walton Street Capital
Walton Street Capital, L.L.C. is a private equity real estate investment firm. Since its founding in 1994, affiliates of Walton Street Capital have received total equity commitments of over $9.3 billion from public and corporate pension plans, foreign institutions, insurance companies and banks, endowments and foundations, trusts, and high net worth individuals. Affiliates of Walton Street Capital have invested and/or committed to invest over $8.4 billion of equity in more than 350 separate transactions. For more info, visit www.waltonst.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWakeon Twitter.
