Four-Building Worldgate Plaza in Herndon, VA Sells for $78.2 Million
McLean, VA-- November 10, 2004 - Worldgate Plaza I through IV, a four-building office complex totaling 322,328 sq. ft. in Herndon, VA, recently sold to Boston Properties for $78.2 million. CBRE's Rob Faktorow, Bill Kamp, Mike Pepper and Jeff Roman represented the seller, River Ridge Limited Partnership, an entity controlled by Faison Enterprises and based in Charlotte, NC. CBRE was also named exclusive leasing agent for the office complex.
Located minutes from the Reston Town Center and less than 2 miles from the Dulles International Airport, Worldgate Plaza is centrally located in the Dulles Corridor. Major tenants include Verizon, Avenue Corp., Savvis Communications Corp. and Symantec Corporation. Each Class A office building consists of 80,582 square feet.
The property was one of a pair of office parks that Faison acquired in the Dulles corridor in October 2003.
“A progressively stronger tenant market and improving capital markets presented Faison with the opportunity to redeploy some of its initial investment beyond the Reston-Herndon submarket,” said Philip W. Norwood, President and CEO of Faison. A Faison-controlled partnership retains ownership of Dulles Executive Plaza, the other 2003 acquisition.
“The sale of Worldgate Plaza reinforces the attractiveness of Northern Virginia, in particular, Reston/Herndon, to the capital markets and the strength of long-term market fundamentals,” said Rob Faktorow, Executive Vice President of CB Richard Ellis.
About CB Richard Ellis Headquartered in Los Angeles, CB Richard Ellis (NYSE:CBG) is the world's leading commercial real estate services firm (in terms of 2003 revenue). The company serves real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing; investment management; valuation and appraisal; research and investment strategy; and consulting. Including partners and affiliates, CB Richard Ellis has more than 300 offices across 50 countries around the world. Please visit our Web site at www.cbre.com.
About Faison Enterprises, Inc. Faison Enterprises, Inc. is a privately-held real estate and investment company with a diversified product portfolio that includes retail, commercial and residential project development, management and acquisitions services. With more than 40 years in the business and holdings of approximately $1.3 billion, the Charlotte N.C. based company manages and develops properties throughout the South and Mid-Atlantic and maintains regional offices in Bethesda MD, Washington DC, Charlotte NC, Atlanta GA, Orlando and Delray Beach FL. For more information, visit www.faison.com.
About Boston Properties Boston Properties is a fully integrated, self-administered, and self-managed real estate investment trust that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of Class-A office, industrial and hotel properties. The Company is one of the largest owners and developers of Class-A office properties in the United States, concentrated in four core markets -- Boston, Midtown Manhattan, Washington, D.C. and San Francisco.
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MEDIA CONTACT: Carol Lommerse, Faison, 704-972-2669
