Stonewate closes $37.5 million office tower in Alexandria, VA; 100% leased to government tenants

Stonewater Partners announced today that it has closed on the purchase of Park Center I, a 218,864 square foot office tower with structured parking in Alexandria, Virginia for $171/sf.

White Plains, NY (PRWEB) November 25, 2004 -- Stonewater Partners announced today that it has closed on the purchase of Park Center I, a 218,864 square foot office tower with structured parking in Alexandria, Virginia for $171/sf.

The building is 100% leased serving as the headquarters for the USDAs Food and Nutrition Services Department and is also headquarters to the Department of Defenses Army Audit Division.

Commenting on the transaction, Jeffrey Toporek, a Stonewater principal, stated "the transaction is a strategic DC metro area acquisition with significant near term upside opportunities."

David Stade, also a Stonewater principal, added the acquisition marks Stonewaters first multi-tenant property and further diversifies our portfolio with federal government credit now accounting for nearly 50%."

Stonewater assumed an existing securitized mortgage at above market interest rate and low leverage.

For further information:
Jeffrey Toporek
Tel: (914) 285-3700

David Stade
Tel: (310) 209-0500

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