Moore & Associates/Harbert Management Corporation JV Expands Partnership with 325,000 SF Office Portfolio Purchase in Northern Virginia
Second deal in two months for promising partnership, first in Northern Virginia
HERNDON, Va., Oct. 2, 2017 /PRNewswire/ -- Moore & Associates with Harbert Management Corporation announces the purchase of Worldgate Metro Plaza, a 4-building, Class-A, 325,433-square-foot office project located along the Dulles Toll Road in Herndon, VA.
Strategically located ¼ mile from the new Herndon Metro Station on the Silver Line with over 1,500 feet of prominent visibility along the Dulles Toll Road (109,000 vehicles per day), the 50% leased project will be repositioned to suit demands of today's cyber, defense and tech tenant community. Moore & Associates has budgeted over $10 Million in capital expenditures, with a majority of costs earmarked for exciting tenant amenities.
"Worldgate Metro Plaza has a truly best-in-class location, and is uniquely poised to offer a large tenant over 100,000 square feet of continuous space, Toll-Road signage, above market parking ratios and a Class A amenities atmosphere," said Vince Coviello, Principal, Moore & Associates. "Working with our partner Harbert Management Corporation, the Moore & Associates team is very excited to roll up our sleeves and get to work revitalizing and reintroducing Worldgate Metro Plaza to the Northern Virginia market."
Moore & Associates will invest over $10 Million into the property including a new conference center, fitness center, outdoor tenant spaces, tenant lobbies, main lobbies, rest rooms and campus landscaping in anticipation of the Metro delivery in 2020 when Worldgate Drive will truly become an ultra-accessible, walkable mixed use community. The property will be managed and leased by Moore & Associates.
This is Moore's third acquisition in Northern Virginia in less than two years. In November 2015, Moore purchased Shirlington Tower, followed by the purchase of 3120 Fairview Park Drive in February 2017. Moore & Associates also purchased an Austin, TX office building with Harbert in July 2017.
About Harbert Management Corporation
Harbert Management Corporation (HMC) is a privately owned alternative asset management firm with approximately $5.1 billion in Regulatory Assets under management. Additional information about HMC can be found at www.harbert.net.
About Moore & Associates
Moore currently manages more than 1.85 million square feet of commercial real estate with more than three hundred tenants, generating annual revenue of $30 million. Additional information about Moore can be found at www.MooreAssociates.com
Media Contact:
Vince Coviello, Moore & Associates
301-628-2828; [email protected]
SOURCE Moore & Associates
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