Acquisition and upgrades
Enverra Real Estate has acquired the Caywood office campus in Herndon, Virginia, for a reported $42 million, REBusinessOnline reported Nov. 13. The publication attributed the price to multiple media outlets and did not give a closing date. Enverra Acquires 260,000 SF Office Campus in Northern Virginia for $42M - REBusinessOnline
The 260,000-square-foot campus at 13221 and 13241 Woodland Park Drive was 95% leased at the time of sale, according to the report. Previous ownership renovated the property, adding amenities including a conference center, fitness and wellness center, and tenant lounge. Enverra Acquires 260,000 SF Office Campus in Northern Virginia for $42M - REBusinessOnline
Enverra plans to add a café and tenant services and make a multimillion-dollar investment in building systems, including cooling tower, HVAC and automation replacements. Lincoln Property Co. will manage the campus, while Cushman & Wakefield will handle leasing. The brokerage also represented the undisclosed seller and arranged acquisition financing for Enverra, REBusinessOnline reported. Enverra Acquires 260,000 SF Office Campus in Northern Virginia for $42M - REBusinessOnline