SANTE FE, N.M., March 22, 2013 (GLOBE NEWSWIRE) -- Rosemont Realty, LLC, a leader in commercial real estate acquisition and management with holdings of approximately 17 million square feet of commercial office space at a value exceeding $1.6 billion, has acquired both Philadelphia's 2000 Market and northern Virginia's Dulles View office complexes.
The high profile acquisitions added 1,025,694 square feet to Rosemont Realty's asset mix.
Rosemont Realty purchased the two office buildings from a fund controlled by CBRE Global Investors, the independently operated investment management affiliate of CBRE Group, Inc. The sales price was not disclosed.
The 29-story 2000 Market Street commercial office building has 665,659 rentable square feet of Class A office space and is located in the premier Market West submarket of Philadelphia's Central Business District. The area is home to some of the largest foreign and domestic corporations, financial institutions and service companies in the world. The building was completed in 1972 and was renovated in 2012.
"The Philadelphia market is still early into its recovery and we feel has strong growth potential over the next five to 10 years," said Devon Archer, General Partner of Rosemont Realty. "We will look to benefit from improving office market fundamentals in the city, but also from new construction surrounding 2000 Market that we believe has the potential to increase demand in the Market West submarket."
Dulles View features two, eight-story towers with 360,045 square feet of Class A space and is strategically located in northern Virginia's sought-after Dulles Corridor, less than one mile from the Washington-Dulles International Airport. It was built in 2008.
"Dulles View is the highest quality office asset with direct proximity to Dulles airport, one of America's fasted growing and most important transportation hubs. Coupled with positive demographic, employment and business diversification trends across the Washington, DC metro area, we feel very strongly about performance in this asset," said Daniel Burrell, CEO of Rosemont Realty.
The 2000 Market Street complex is currently leased at 95 percent occupancy. Tenants include Marshall Dennehey, Fox Rothschild LLP, The Board of Pensions of the Presbyterian
Church (U.S.A.), Zurich American Insurance, Weber Gallagher, Hamburg Sud Group, Francis Cauffman and Duff & Phelps, among others.
The Dulles View complex is currently leased at 94.5 percent occupancy. Tenants include Time Warner Cable, Inc., Allen Systems Group, Inc., Vangent, Inc., KTA Group, and GTSI Corp., among others.
Since the beginning of the year, Rosemont Realty has added 1,313,841 square feet of Class A office space. Rosemont Realty acquired the three building, 288,147 square foot Concourse office complex in Jacksonville, Fla., in January. In 2012, the company acquired 2.5 million square feet of Class A and Class B office space valued at more than $250 million.
CBRE will continue to provide both property management and leasing services for both 2000 Market Street (Joseph Wolff at 215.561.8900) and Dulles View (Rob Faktorow at 703.855.6900).
Robert Fahey with CRBE's Investment Properties, Institutional Group and CBRE Capital Markets brokered the 2000 Market transaction and Rob Faktorow, also with CBRE's Investment Properties, Institutional Group and CBRE Capital Markets, brokered the Dulles View sale.
About Rosemont Realty, LLC
Headquartered in Santa Fe, New Mexico, Rosemont Realty, LLC, is a market leader in commercial real estate acquisition and asset management. The company has approximately 17 million square feet in more than 172 office buildings in 25 states across the United States, valued at more than $1.6 billion. Rosemont Realty acquired 3 million square feet of Class A and Class B office space valued at more than $350 million in the last 18 months.
Founded in 1991, Rosemont Realty has eight regional offices in Albuquerque, Atlanta, Dallas, Denver, Houston, New York, San Antonio and Washington, D.C. For more information, please visit RosemontRealty.com.
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