The Washington, D.C., area maintains its status as one of the nation's most prominent real estate markets with recent transactions worth more than $100 million.
San Francisco-based Wells Fargo Bank has provided a three-year, $82.5 million construction loan for Plaza America Towers Three and Four in Reston, Va. Tysons Corner, Va.-based Atlantic Realty Cos. is developing the two buildings, which will add 473,000 sq. ft. of Class-A space to the 1 million sq. ft., mixed-use complex. Cable & Wireless USA, a subsidiary of New York-based Intertech Corp., preleased Plaza America Tower Three. Atlantic Realty will develop Tower Four simultaneously on a speculative basis. Tower Three is scheduled to deliver in late 2001, while Tower Four is slated for delivery in early 2002.
In another Northern Virginia transaction arranged by Insignia/ESG, Jackson, Miss. - based Parkway Properties Inc. has sold a 220,000 sq. ft. office portfolio in northern Virginia to The Advance Group, Bedminster, N.J., for $28.7 million. The properties sold include the 71,750 sq. ft. Loudoun Plaza 1 in Sterling, Va.; the 53,838 sq. ft. Cherokee Business Center in Alexandria, Va.; and Centennial Plaza 2A and 2B, each 94,931 sq. ft. buildings in Tysons Corner.
presented both parties in the transaction.