KBS has sold Willow Oaks Corporate Center, a 584,147 square-foot, Class A office park in Fairfax, Virginia, a submarket of Washington, DC. to Bridge Investment Group for $106 million.
Willow Oaks was owned by KBS Real Estate Investment Trust II.
Built in three phases in 1986, 1989 and 2003, Willow Oaks Corporate Center is a three-building office park located near the intersection of Route 50 and the Capital Beltway (I-495), two of Northern Virginia’s busiest commuter routes, and within close proximity to the Dunn Loring Metro.
The Washington, DC metro has experienced significant employment growth over the past two years, which is likely to positively impact the region’s office market. According to Newmark, office demand in Northern Virginia during the third quarter of 2021 was stronger than the prior two quarters, suggesting a possible return to positive demand in the coming quarters.
Investors continue to seek assets renovated to the highest institutional standards, according to Marc DeLuca, Eastern regional president for KBS.
“KBS is approaching 30 years of investing in key markets in the country and acquiring and selling premier assets in top locations within those markets,” says DeLuca. “We have become experts in identifying properties in emerging submarkets like Merrifield that appeal to investors interested in high-quality office buildings.”
The property is positioned to capitalize on the continued demand growth within the greater Northern Virginia market, according to Stephen Close, asset manager for Willow Oaks Corporate Center and senior vice president of KBS.
“Willow Oaks Corporate Center is situated in a desirable infill location within close proximity to office and medical users in the health, defense and technology industries,” says Close. “This provides a unique opportunity to capture tenants looking for industry leading amenities in the market.”
Under KBS ownership, the property has undergone a first-class renovation, including a fitness studio, a large conference center with flexible seating, a tenant lounge with catering kitchen, lobby renovations, an updated eatery, and a new coffee bar.
In addition, Willow Oaks Corporate Center possesses WiredScore Gold and Silver certifications for superior connectivity and features EV car-charging stations, and an energy-management system. Common amenities include bike storage, an outdoor picnic area, carwash/detail service, private tenant balconies, concierge service, and multiple bus shuttles.
Willow Oaks Corporate Center is located at 8260-8280 Willow Oaks Corporate Drive, Fairfax, Virginia.