Sunday, June 08, 2008

Volkswagen of America HQ Near Washington, DC Sold

Washington Business Journal - June 6, 2008

A German investment firm has purchased the local headquarters of Volkswagen of America Inc.

Union Investment Real Estate AG, a Hamburg-based investment management company, bought the Tishman Speyer-owned property, known as Woodland Pointe, for an undisclosed amount.

The 184,787-square-foot Class A property has been valued at $100 million. Last fall, Volkswagen signed a 15-year net lease to move its headquarters from Michigan this year. New York-based Tishman Speyer delivered the six-story building in January.

It is expected to be fully occupied by the end of the year, also housing the U.S. headquarters for Audi of America Inc., Audi Financial Services, Volkswagen Credit and other affiliated operations.

Union Investment Real Estate made the purchase due to the property's tenants, the proximity to Dulles International Airport and its visibility along the Dulles Toll Road, said Zeb Bradford, managing director of Metzler, Union Investment's real estate adviser in the U.S. The buyer made the acquisition for UniImmo, its global open-ended real estate fund.

Union Investment Real Estate is planning several other strategic acquisitions in the D.C. area this year, according to Bradford.

Tishman Speyer will continue to manage Woodland Pointe, which is located among 1.7 million square feet of office space in Woodland Park. Roy Bajtel, head of Union Investment's New York City office, represented the company in the negotiations. Drew Flood and Bill Collins of Cassidy Pinkard and Colliers brokered the deal. Sphere: Related Content

No comments:

Wikinvest Wire