Buchanan Sells Lakeside to Tishman Speyer
September 27, 2005
Buchanan Partners Sells Lakeside in Loudoun County, VA to Tishman Speyer for $88.5 Million
Buchanan Partners Sells Lakeside in Loudoun County, VA to Tishman Speyer for $88.5 Million
Sterling, Virginia, September 27, 2005… Buchanan Partners of Gaithersburg, MD has sold its award-winning Lakeside @ Loudoun Tech Class A office complex in eastern Loudoun County, VA to New York-based Tishman Speyer for $88.5 million ($290 per square foot).
Located on Route 7 in Sterling, Lakeside comprises three nearly identical four-story buildings totaling 305,000 rentable square feet fronting on a nine-acre lake. The lake is surrounded by a lushly landscaped brick promenade and accented by an original granite sculptural fountain by Jesus Bautista Moroles. The project has won awards from the Northern Virginia chapter of the National Association of Industrial and Office Properties (NAIOP) and the Greater Washington Commercial Association of Realtors.®
Verisign, the world’s leader in Internet domain name registration, occupies over half the space in the fully leased Lakeside complex. Other tenants include Cigital, Inc., Loudoun Executive Concepts, Washington Radiology Associates, and Alpha Corporation.
Tishman Speyer was Buchanan Partners’ equity partner in the development of Lakeside from 1998 through 2001. Lakeside I and II were owned by a joint venture of Buchanan Partners and MPC, a German equity fund. Lakeside III was owned by Buchanan Partners and Great Point Investors. Tishman Speyer’s acquisition of Lakeside was made on behalf of its Office Fund. Buchanan Partners was represented by Cassidy & Pinkard in the transaction.
“Buchanan Partners has enjoyed a long relationship with Loudoun County, where we have developed a number of cutting-edge projects to meet the county’s fast-growing needs for commercial office and flex space,” said Brian Benninghoff, Principal of Buchanan Partners. “When we first started planning Lakeside, few people believed that Loudoun County was ready for four-story speculative Class A office product. Now we are gratified with the market’s recognition of Lakeside’s quality, and with this definitive demonstration of the maturing of the Loudoun County office market.”
One of the top 20 commercial developers in the Washington, D.C. metropolitan area, according to the Washington Business Journal, Buchanan Partners has developed a portfolio of over three million square feet of commercial property. The portfolio includes office, industrial, flex and retail space projects that have been developed, acquired, approved, or under construction. Buchanan Partners also has acquired, planned or developed over 1,600 acres of commercial land over the past seven years. For more information, see the company’s Web site at www.buchananpartners.com.
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