REIT Acquires Office Park Near D.C.

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PS Business Parks Inc. said that it acquired part of a multi-tenant office park in Tysons Corner, Va. for $140 million.

The Glendale real estate investment trust bought the seven building, 738,000-square-foot complex on nearly 40 acres of land near Washington D.C. from DLJ Real Estate Capital Partners of New York City.

In the deal, DLJ flipped part of a portfolio it acquired only five months ago, according to the Washington Business Journal, with the intent of keeping developable properties closer to planned Metro stations and buildings leased with stable government and commercial tenants.

“PS Business Parks now has an excellent platform in the Tysons Corner submarket,” said Maria Hawthorne, East Coast senior vice president, in a statement. The REIT now owns 6.4 million square feet of multi-tenant office and flex space in the Washington Metro market.

Shares earlier closed down 28 cents, or less than 1 percent, to $53.68.

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