WASHINGTON, D.C. (March 3, 2016) – MRP Realty, developers of commercial, residential and mixed-use real estate across the Mid-Atlantic region, and Rockpoint Group, L.L.C., a real estate private equity firm, today announced the acquisition of Westwood Metro Tower at 8614 Westwood Center Drive in Tysons, Va.
Westwood Metro Tower, a 210,087-square-foot office building located adjacent to the Spring Hill Metro station, has a diverse tenant base including its largest tenants Washington Gas Energy Services and architecture firm Davis Carter Scott (DCS). The property offers the conveniences actively sought after by today’s tenants: Metro and road transportation access, an efficient building with modern finishes, above market parking ratio, and immediate proximity to a robust collection of walk-able retail options.
“This acquisition continues a successful partnership between MRP and Rockpoint Group, focused on identifying buildings that are well positioned to serve the needs of today’s workforce,” said Cristopher White, senior vice president of acquisitions at MRP. “The partnership plans to activate the property’s extensive outdoor space, as well as add to the building’s existing amenities, which include a fitness center and conference facility. The goal is to position the building to be unique in the Tysons market and to enhance and redefine the tenant experience.”
Cushman Wakefield will represent the partnership in its leasing efforts. Eastdil Secured represented the seller in the transaction.
About MRP Realty
Founded in 2005, MRP Realty is a real estate operating company focused on opportunistic and value-add investment in the northeastern United States, with offices in the Washington, D.C. metro area, Baltimore, Philadelphia, and New York City. MRP provides to its institutional capital partners a full array of real estate services including: acquisition/disposition, development/construction management, property management, asset management and financial reporting services. Since the company’s inception, MRP has deployed $3.5 billion in total capitalization, with another $2 billion of active residential, office, mixed-use, and industrial projects underway. MRP Realty’s combined development assets total more than 16 million square feet, with an additional 8 million under management. For more information, please visit www.mrprealty.com.
About Rockpoint Group
Rockpoint Group, L.L.C. is a real estate private equity firm headquartered in Boston, with additional primary offices in Dallas and San Francisco. Since 1994, Rockpoint’s founding Managing Members with others have sponsored twelve commingled funds and related co-investment vehicles, raising approximately $17 billion in capital commitments and investing approximately $13 billion of equity in over 365 transactions with a total capitalization of approximately $48 billion. Rockpoint employs a fundamental value approach to investing in both its opportunistic and lower-risk strategies and focuses on select product types and geographic regions, with a primary emphasis on opportunities in major coastal markets in the United States.
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