Finmarc Buys 500 KSF Virginia Office Portfolio
Finmarc Management has acquired Trinity Centre, a four-building office portfolio totaling almost 500,000 square feet in Centreville, Va., a Washington, D.C., submarket. Spear Street Capital LLC and Partners Group sold the assets for $39.4 million.
Cushman & Wakefield brokered the deal on behalf of the seller, while Finmarc was represented in-house. Kelley Drye & Warren LLP Partner Aaron Rosenfeld provided legal services to the new owner. The portfolio was 71 percent leased at the time of sale.
The four buildings previously traded in 2012 in two separate transactions, when the joint venture acquired them from Clark Enterprises, CommercialEdge data shows. The total sale price was $108.5 million, almost three times higher than the current price.
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The properties came online between 1999 and 2006 and underwent cosmetic renovations in 2013, according to the same source. Two of the buildings rise six stories and consist of almost 152,000 square feet, each. The other two structures rise three stories, each building comprising 93,000 square feet.
The campus’ tenant roster includes Parsons Corp., CARFAX, Microautomation and Specialized Carriers & Rigging Association. Trinity Centre is also part of a 70-acre master-planned community that includes three restaurants, a 100,000-square-foot fitness center, a 136-key hotel and a lake.
Located at 5860, 5870, 5875 and 5885 Trinity Parkway, the buildings are less than 13 miles from Dulles International Airport, while downtown Washington, D.C., is within 26 miles northeast.
DC sales volume ranks second nationwide
In the first six months of 2024, Washington, D.C.’s office investment volume amounted to more than $1.3 billion, with properties trading for an average of $250 per square foot, the latest CommercialEdge office report shows. The metro’s deal volume ranked second nationally, being surpassed only by Manhattan’s ($1.4 billion).
In March, a joint venture led by Quadrangle Development Corp. paid $95 million for a 177,155-square-foot office building in Washington, D.C. Credit Suisse sold the property at 1099 New York Ave. NW.
Other recent notable deals in the area include DSC Partners and Harbert Management Corp.’s acquisition of a 785,000-square-foot portfolio in Lanham, Md., for $86 million. The assets include industrial, flex and office space.
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