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Finmarc buys Tysons office towers for $77.5M
The two 10-story Class A buildings total about 460,000 square feet and were 70% leased at the time of sale.
Finmarc Management acquired Highline at Greensboro in Tysons, Virginia, paying $77.5 million for two 10-story Class A office towers at 8401 and 8405 Greensboro Drive, Commercial Observer reported.
The buildings total roughly 460,000 square feet and were 70% leased at the time of the transaction, according to the report. Finmarc Principal Neil Markus said the firm remains a buyer of office buildings and other assets in the greater DMV market, with a focus on Northern Virginia due to what it describes as continued regional fundamentals.
Highline at Greensboro sits near The Boro mixed-use complex and the Greensboro Metro station, and includes amenities such as a fitness center, a golf simulator, and a day care. The report also notes leasing activity from new tenants including Mortgage One Solutions, which signed for 23,108 square feet, and Tegna, which took 23,016 square feet.
Finmarc said it funded part of the purchase using proceeds from three dispositions completed over the previous six weeks and expects additional dry powder from expected sales over the next two to three months. The firm also plans to reinvest those proceeds into another $250 million to $300 million of acquisitions and currently owns and manages nearly 7.5 million square feet across the Mid-Atlantic.