MIAMI--()--Parmenter Realty Partners announced today the acquisition of 460 Herndon Parkway, a 205,074 square foot office building situated on approximately 10 acres of land, in Herndon, Virginia. The asset is currently 96% occupied with no near-term rollover.
“460 Herndon is well located in the Reston-Herndon corridor one-half mile from the Herndon Monroe Metrorail Stations which is expected to be delivered in 2018, and just a two-minute drive from Reston Town Center”
Parmenter Realty Partners purchased the asset from American Fund US Investments, LP, which was represented by Andre Kinney, COO of Real Estate Capital Partners and the Washington, D.C. Capital Markets group of Cushman & Wakefield, Eric Berkman, Steve Gichner and Andrew Asbill. “460 Herndon is well located in the Reston-Herndon corridor one-half mile from the Herndon Monroe Metrorail Stations which is expected to be delivered in 2018, and just a two-minute drive from Reston Town Center,” said Chris McGrew, Managing Principal of Parmenter Realty Partners’ Washington, D.C. Metro Area. He added, “Some of the critical factors in Parmenter’s investment in 460 Herndon Parkway are the high investment in the infrastructure of the building, its location to nearby crucial intelligence agencies, as well as the potential to double the existing square footage of the asset.”
Built in 1986, 460 Herndon Parkway is located in the heart of the Dulles corridor, among America's leading Internet, computer and telecommunications firms. It has excellent ingress/egress to local amenities, to the Parkways and Dulles Toll Road, and is located approximately 10 minutes from Dulles International Airport.
“We are very excited about the potential this acquisition represents. It is our first deal in this market and we are looking forward to many other good opportunities like this in the DC Metro Area,” said Andrew Weiss, Chief Operating Officer of Parmenter Realty Partners.
Parmenter Realty Partners is a real estate investment, management and development company headquartered in Miami, Florida. With regional offices in Dallas, Atlanta and Washington, D.C., Parmenter Realty Partners operates a series of institutional investment funds focused on the southern regions of the United States. Parmenter Realty Partners is actively involved in the expansion of its portfolio in major markets, identifying and acquiring underperforming properties and utilizing its vertically-integrated platform to increase value on behalf of its investors.
For more information on this topic or to schedule an interview with a Parmenter representative, please contact Parmenter Media Relations by calling (305) 960-2117 or via e-mail at MediaRelations@parmco.com.