Disposition of Crown Ridge for $62,300,000

Transwestern Commercial Services (“TCS”), together with Cambridge Property Group Limited Partnership (“CPGLP”) successfully structured the sale of Crown Ridge in Fairfax, Virginia. CPGLP and Gerry Trainor of TCS represented the sellers, Sullyfield Circle TIC, LLC and 1211 Connecticut Avenue Associates TIC, LLC, which sold the property to CRP-2 Acquisitions, LLC (Colony Realty Partners) for $62,300,000 ($326 per sq. ft.).

According to Andrew J Czekaj, manager of the tenant-in-common ownership entities, “it was an appropriate time to sell the asset. We have been a purchaser in the DC metro region for the last 15 years. Given our “value -add” orientation we feel obliged to reduce our investment exposure to commercial real-estate”.

Crown Ridge is an 8 story corporate office building located at 4035 Ridge Top Road in Fairfax, Virginia. The project contains 191,237 square feet primarily leased to CGI Technologies and Solutions, Inc. (fka CGI-AMS). The building was 100% leased at time of sale. According to T. Michael
Scott, President of Cambridge, “our aggressive capital improvement program resulted in a great value enhancement to this asset. The appearance and market acceptability was improved resulting in a positive positioning for sub-tenant renewals and roll over marketing in 2010”.

Cambridge Asset Advisors was retained to manage the asset for the new ownership. According to Randy Jaegle, Chief Operating Officer of Cambridge, “we are pleased that Colony Realty Partners has chosen to keep Cambridge in its role of Property Manager and Construction Manager for the property. We look forward to continuing the high level of service to our tenant clients on behalf of the new ownership.”

Since 1983, Cambridge and its subsidiaries have successfully developed over 5.7 million square feet of space, and structured the acquisition of in excess of 13 million square feet for a total exceeding $4.8 billion of commercial real estate. The firm also provides management services and administers approximately 3.0 million square feet of office, R&D, and industrial space.

Email Andrew J. Czekaj for further information.