At a glance
- Highline at Greensboro spans roughly 460,000 square feet.
- The buildings sit at 8401 and 8405 Greensboro Drive, near The Boro mixed-use complex and the Greensboro Metro station.
- Finmarc has bought Northern Virginia office before.
Finmarc Management, the Bethesda firm, has paid $77.5 million for two 10-story office towers in Tysons, Va., its latest bet on discounted Northern Virginia office. Highline at Greensboro spans roughly 460,000 square feet. CIM Group sold it with 70 percent of the space leased. Commercial Observer reported the acquisition.
The buildings sit at 8401 and 8405 Greensboro Drive, near The Boro mixed-use complex and the Greensboro Metro station. Amenities include a fitness center, a golf simulator and day care. Two tenants have signed in the past two years. Mortgage One Solutions took 23,108 square feet. Tegna added 23,016 square feet. Cushman & Wakefield's Paul Collins and Kevin Sidney represented CIM, Metropolis Capital Advisors' Cliff Mendelson placed the debt for Finmarc, and Cushman & Wakefield's Josh Masi and Paige Barger handle leasing.
The 30 percent vacancy is the upside
Finmarc has bought Northern Virginia office before. Late last year it paid $51 million for the Dulles Corner portfolio, which spans nearly 620,000 square feet. The summer before it spent almost $40 million on Trinity Centre; that property is roughly 500,000 square feet. The Highline purchase was funded partly by three dispositions completed in the past six weeks, office/flex and retail properties in Virginia and North Carolina. More sales are coming in the next two to three months, the firm says, and it plans to reinvest in another $250 million to $300 million of acquisitions. Its Mid-Atlantic portfolio totals nearly 7.5 million square feet.
The purchase price was $77.5 million. It works out to about $168 a square foot. The 30 percent vacancy is the point. Recent leasing offers some support: those two tenants alone added about 46,000 square feet. Selling other assets to fund the buy is a deliberate choice, and Finmarc's own statement makes its preference clear: Northern Virginia office. The firm is not alone. PWD's coverage of the SitusAMC survey put investor preference for office at 11 percent in the second quarter. The earlier reading, in early 2025, was 4 percent.
Reported by the Deals desk from Commercial Observer and PWD prior coverage. Published . Corrections