From the Wires
Akridge and Alcion Join in Acquisition at Westfields Corporate Center
Team Closes on Deal for Plaza West and Executive Plaza in Chantilly, VA
By: PR Newswire
Dec. 6, 2012 02:22 PM
WASHINGTON, Dec. 6, 2012 /PRNewswire/ -- Akridge in partnership with Alcion Ventures announce today their joint venture for the acquisition and development of Plaza West and Executive Plaza in the Westfields Corporate Center in Chantilly, VA. Westfields Corporate Center consists of 1,100 acres and is the largest office park in the Washington metro area. The site is in close proximity to the Washington Dulles International Airport, and is very prominent in the burgeoning Route 28 corridor. Additional business park amenities include hotels, conference and meeting facilities, indoor and outdoor recreation, and fitness and daycare centers.
Divided into two parcels, the Plaza West and Executive Plaza make up 71 acres of developable land situated at the Westfields Boulevard Interchange of Route 28, and can accommodate up to one million square feet of commercial space. With the National Reconnaissance Office and Aerospace Campus headquarters both nearby, the site is an ideal location for a large user headquarters.
"We welcome the opportunity to invest in the continued development of Westfields Corporate Center again," said John E. "Chip" Akridge, III, Chairman of Akridge. "We delivered Corporate Pointe Two, Three and Four in Westfields in 1998, and we look forward to building upon that foundation with the development of Plaza West and Executive Plaza."
"We are excited to welcome back Akridge to Westfields," said William H. Keech, Jr., President of the Westfields Business Owners Association. "The Association values developers who produce high-quality buildings and take into account the needs of the existing community. We know that Akridge's track record is exemplary in both these regards."
The seller of the Plaza West and Executive Plaza parcels was represented by the Washington, DC office of Eastdil Secured.
Akridge is a comprehensive real estate services company that provides acquisition, development, construction management, asset management, property management, leasing, and consulting services. Founded in 1974, the company has acquired or developed more than 12 million square feet of commercial space and currently manages four million square feet throughout the DC area. The industry's foremost benchmarking firms, CEL & Associates, has ranked Akridge the number one real estate firm in the country for Client satisfaction, among firms of similar size, ten times since 1999. Akridge is committed to sustainable development and practices, and has been recognized as an Energy Star Top Performer and Partner of the Year. The company has also been honored with the National Capital Business Ethics Award, and has been recognized as the Best Place to Work in Greater Washington by the Washington Business journal. For more information, please visit www.akridge.com.
Alcion Ventures, founded in 2004, is a Boston-based real estate private equity firm that seeks to create value through the acquisition, repositioning, or development of real estate assets and by forming strategic relationships with experienced operating partners. Alcion Ventures executes a high-yield investment strategy with uniquely positioned real estate in durable locations within select high-barrier-to-entry markets. Alcion currently manages over $845MM on behalf of a diversified investor base, including major pension funds, endowments and foundations, family offices, and private individuals from the United States, Canada, and Europe. For more information about Alcion Ventures LP, please visit www.AlcionVentures.com.
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