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Washington DC & Mid-Atlantic  + DC Metro  + Office  |  January 21, 2020
David Cohen
By: David Cohen

Herndon Office Complex Trades for $40M

A joint venture between Goodstone LLC and Waterfall Asset Management has acquired Northridge I and II, a two-building office complex in Herndon for a total of $40.1 million.

The JV purchased Northridge I from TA Realty of Boston for $18.8 million. Northridge II traded for $21.3 million and was acquired from seller SEB Investment GmbH. The JV secured $49.6 million in acquisition financing through Phillips Realty Capital from lender Bridge Investment Group. The financing will also cover a planned renovation of the buildings that includes combining the properties into a campus, modernizing the spaces and upgrading amenities.

Drew Flood and Shaun Collins of Cushman & Wakefield represented TA Realty in the sale of Northridge I. Bill Prutting and Jim Molloy of JLL represented SEB Investment GmbH in the sale of Northridge II.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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