News

Bernstein Cos. buys a pair of office buildings along Toll Road

It's difficult to pass up a wide-open opportunity -- just ask The Bernstein Cos.

The Bernstein Cos. Consortium Fund paid $40.5 million to buy Reston's Campus Commons from USAA, a financial services company for military families.

Bernstein execs say the purchase was a natural one: "The bottom line is when you have a single vacant building with toll road frontage and the lack of space available above 80,000 or 100,000 square feet, it's hard to find opportunistic investments like that," says Bernstein Cos. President and Managing Director Adam Bernstein.

D.C.-based Bernstein Cos. (www.thebernsteincompanies.com) also owns Reston Sunrise One and Two on Sunrise Drive and The Pond building at 1939 Roland Clark Place.

Campus Commons comprises two 120,000-square-foot buildings connected by a bridge. One building is almost entirely leased to government contractor Titan Corp. and the American Institute of Biological Sciences. The other is empty.

To attract a large tenant, Bernstein says it will renovate the lobby and common areas. But it may not need the extra incentive because Reston has a dearth of large blocks of space.


Source: Washington Business Journal
Author: Tim Mazzucca