Dealmaker: Phillips Realty Capital Secures $29M for Virginia Office Asset

Phillips Realty Capital, Bethesda, Md., arranged $29 million in financing for Reston Metro Center One, a 124,000-square-foot office building in northern Virginia.

Reston Metro Center One

Located at 12120 Sunrise Valley Drive, Reston Metro Center One is within walking distance of the future Reston Town Center Silver Line commuter rail station.

A Phillips Realty Capital team that included Malcolm Shaw, Steve Shaw, Harmon Handorf and Bill Wrench represented borrower HighBrook Investors, New York. They secured a three-year plus extension option floating-rate loan from Rubenstein Partners L.P.’s debt investment platform, Rubenstein Mortgage Capital.

The vacant property was acquired through a note sale where HighBrook subsequently took title. Loan proceeds represented initial financing for the acquisition with additional funds for capital expenditures and leasing reserves.

“HighBrook’s repositioning experience should serve them well in transforming Reston Metro Center One,” said Rubenstein Mortgage Capital Debt Investment Advisor Ashesh Parikh.

Built in 2000, the currently vacant property provides a headquarters opportunity for prospective tenants, offers signage visibility from the Dulles Toll Road and is less than seven miles from Washington Dulles International Airport. Brookfield Properties’ planned $1.4 billion Halley Rise mixed-use development is nearby.