March 31, 2016
Gramercy Property Trust (GPT) has sold Pacific Corporate Park, a four-building office campus in Sterling, VA, for $145.5 million. The sale of the asset is part of its strategic plan to dispose of select single and multi-tenant office assets.
The New York City-based REIT acquired the 696,387-square-foot property at 22110-22270 Pacific Blvd. from AOL Inc. in 2010. Raytheon Co. will continue to occupy the majority of space in the park through 2026.
Since its disposition plan was announced, GPT has sold approximately $646.3 million of single- and multi-tenant office assets, with a weighted 5.7% exit cap rate. The company has an additional $70 million under contract, and $250 million off assets on the market.