Piedmont Finds Buyers for Two Reston, VA Assets

Piedmont Office Realty Trust, Inc. has entered into a binding contract to sell Sunset Corporate Plaza I & II, a two-building office property at 11107 Sunset Hills Road and 11109 Sunset Hills Road in Reston, VA.

The properties are comprised of 101,000 and 41,000 square feet, respectively, and were built in 1985 and 1984, respectively. Piedmont acquired both buildings in June 2003 for $29.25 million, according to crenews.com, which reported in October that the assets were expected to fetch about $27 million, or $190 per square foot.

Piedmont has not yet disclosed the sales price or the identity of the buyer.

“The sale of the buildings will allow us to divest dated, non-core properties, consistent with our long-term strategic objectives for location and building quality,” the company reported.

Transwestern announced last October that it had been hired by Piedmont to sell the properties, which are located along the Dulles Toll Road (Rt. 267), less than a mile from the new Wiehle Avenue Metrorail station. The location provides vehicular access via the Hunter Mill Road and Wiehle Avenue exits and allows for Toll Road visibility and signage opportunities.

Sunset Corporate Plaza I & II are collectively 71 percent occupied. Sunset Corporate Plaza II is currently vacant.