Significant renovations, enhanced amenities planned for trio of office buildings located in fast-growing Reston submarket
Bridge Investment Group’s Office Division announced today the acquisition of The Campus at Sunrise, a 255,000-square-foot Class-A creative office campus located in Reston, Va. The three-building site features premier access to local dining, retail and mass transit and is set on 12 acres. Significant renovations for all three buildings will begin later this year, with plans calling for updated lobby areas, enhanced tenant amenity center, next-generation flexible spec suites, communal outdoor areas and a full menu of special events and entertainment for office tenants.
“The acquisition of The Campus at Sunrise presents an opportunity to create a next-generation workplace in one of the nation’s most dynamic submarkets,” said Tommy Spinosa, Acquisitions Director of Bridge Investment Group. “Employers will continue to gravitate to this area due to the high degree of connectivity with transit and live-work-play options, which aligns with Bridge’s long-term strategy of capitalizing on well-positioned value-add assets. We will draw on our broad range of experience in the office sector to create a workplace community that resonates with top professional talent and generates the bottom-line results our tenants seek.”
Originally built between 1987 and 1990, The Campus at Sunriseis currently 85 percent occupied. The property is a short walk from the Wiehle-Reston East Metro Station and just one half-mile from the future Reston Station mixed-use community that will feature more than 100,000 square feet of restaurants, shops and service-oriented retailers, upon completion. The Campus at Sunriseis also expected to benefit from the more than 3,000 residential units and 250,000 square feet of retail being delivered over the next few years within a 1-mile radius.
Bridge has been active in the market this year. The company purchased O’Hare International Center in Rosemont, Il. this week, which came on the heels of the August purchase of the 32-acre Lenox Park office campusin metro Atlanta that includes 1 million square feet of Class A Office. The recent acquisitions bring the firm’s year-to-date total to more than 4 million square feet of office space closed nationally.
Office spaces ranging from 2,000 to 13,000 square feet are currently available, with the first round of spec suites tentatively scheduled to deliver in Q2 2019. Bridge Commercial Real Estate, the operating company for Bridge Office, will provide property management for the campus and oversee the leasing which will be led by Erin Cotter, Josh Masi and Matt Bundy of Cushman & Wakefield.
About Bridge Investment Group
Bridge is a privately held real estate investment management firm with over $12.0 billion in assets under management. Bridge combines its more than 1,000-person, nationwide operating platform with specialized teams of investment professionals focused on select US real estate verticals, which Bridge believes offer above-market opportunity: Multifamily; Office; Seniors Housing and Medical Properties, Affordable Housing and Real Estate Debt Strategies.
Bridge principals are owners and operators who are deeply rooted in their assets. In-depth knowledge of local markets, as well as extensive real asset and capital markets expertise, enable Bridge to develop prolific deal flow and to deploy active asset management and monitoring across its business lines.
Bridge’s asset management strategy is specialized and focused in a way that emphasizes current income and capital appreciation while mitigating risk. By making improvements that build lasting communities, increase renter satisfaction, and ultimately bring value to investors, Bridge seeks to create alpha at the asset level.
The principals of Bridge have been investing in and improving communities around the US since 1991 and manage private equity funds, separately managed account vehicles, co-investments, and joint ventures. Bridge seeks to transform assets in a manner that maximizes their potential.
About Bridge Commercial Real Estate
Bridge Commercial Real Estate (BCRE), subsidiary of Bridge Investment Group, is a full service office operating company, providing commercial office brokerage services, property management, leasing, and construction services for Bridge assets and Bridge clients. BCRE serves a rapidly growing portfolio of office properties exceeding 10 million square feet across the U.S. As a next generation real estate service company, we embrace state of the art technology, high-touch customer service, and the evolving needs of today’s office tenants, helping our clients boost business success and win the war on talent.
