The acquisition is Moore & Associates’ third capital transaction this quarter following the recent Shirlington Tower sale and Bethesda Towers refinance.
FAIRFAX, VIRGINIA, UNITED STATES, December 23, 2020 /EINPresswire.com/ — Moore & Associates is pleased to announce the acquisition of Williams Plaza I & II, a two-building, 271,736 square foot office property in Fairfax, VA in a joint venture with Harbert United State Real Estate Fund VII, LP. The acquisition marks the fourth joint venture between Bethesda-based Moore & Associates and Birmingham-based Harbert Management Corporation since 2017.
The property, currently 73% leased, is adjacent to Merrifield’s Mosaic District, the region’s preeminent mixed-use development which features over 500,000 square feet of retail and restaurants and over 1,000 apartments and townhomes across 32 acres, as well as nearby access to the Dunn-Loring Metrorail Station.
“We are excited for the opportunity to reposition the asset through a significant capital investment program and lease-up,” Moore & Associates Senior VP Peter Doherty said. “Once completed, we will be able to offer tenants a superior environment at an attractive price coupled with convenient access to the Mosaic District, Route 50, and the Capital Beltway.”
“Williams Plaza is a perfect fit for our platform” Moore & Associates VP Joe Moore said. “we are fortunate to have an experienced, hands-on team capable of unlocking value at every level, from first class property management and leasing to the execution of a thoughtful capital plan that will enhance tenant experience and help the asset realize its potential.”
Gerry Trainor at Transwestern brokered the sale, which was widely marketed in August.
About Moore & Associates, Inc.
Founded in 1979, Moore & Associates, Inc. is a full service commercial real estate operating company with offices in Washington, DC and Austin, TX. Moore’s platform includes acquisitions/dispositions, leasing, property management, construction, and financial controls, providing sound investments and seamless execution. Since inception, the firm has invested in over 4 million square feet and over $1.4 billion in transactions. As of December 2020, Moore manages $550 million in assets totaling over two million square feet across nine properties.
About Harbert Management Corporation
Harbert United State Real Estate Fund VII, LP (“HUSREF”) is sponsored by Harbert Management Corporation (“HMC”). HUSREF, along with its predecessor funds, has owned, developed and managed multifamily, office, industrial, retail and self-storage properties throughout the United States. HUSREF has a history of identifying real estate investment opportunities through its network of long-term, strategic relationships. HUSREF’s approach is hands-on, targeting properties that the Investment Team believes are undervalued, and where value can be created through focused operational management.
HMC is an investment management firm focusing on alternative assets, with approximately $7.5 billion in Regulatory Assets Under Management as of November 30, 2020. We are disciplined, opportunistic investors who invest alongside our clients on equal terms and conditions. A privately owned firm founded in 1993, Harbert Management Corporation serves foundations, endowments, fund of funds, pension funds, financial institutions, insurance companies, family offices, and high net worth individuals across multiple asset classes. For additional information about HMC visit, www.harbert.net.
This does not constitute an offer to sell, or a solicitation of any offer to buy any securities or investment advice, nor is it intended to be a description of all material factors an investor should consider before making any investment.
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