Newmark Grubb Knight Frank (NGKF) announced today that Executive Managing Director Larry FitzGerald and Associate Director Cole Spalding have facilitated the sale of Sudley Tower in Manassas, VA. The lender-owned property sold to Sudley Tower Partners, LLC at the end of 2016.
The buyer plans to invest substantial capital in the building and make major renovations in order to increase value and occupancy levels. This will include updating the lobby, restrooms and common areas. Two similar buildings in the area, Linden Lakes and Sudley North, have undergone similar improvements and as a result have experienced increased leasing velocity.
Sudley Tower is the tallest building in Prince William County with nine stories and 90,497 square-feet. The office building is currently 60 percent leased, presenting the new owner, Sudley Tower Partners, LLC with an opportunity to reposition the asset. The building’s 10,000-square-foot floorplates are limited in the surrounding area and a differentiating factor for Sudley Tower. This property offers a unique opportunity in Manassas for tenants to occupy a full floor.
“Sudley Tower is a very well known, visible building in Manassas and as a result there was strong interest from investors who realized the potential of this asset,” said Cole Spalding. “There is a good velocity in the Prince William market from a leasing stand point and as the renovations get underway we expect to see a great deal of interest in the building.” FitzGerald and Spalding have also been retained by the new owners as the leasing agents for Sudley Tower.
The property’s Sudley Road location offers tenants a wide array of nearby retail options, as well as excellent visibility on one of the busiest thoroughfares in Manassas with 23,000 vehicles per day. The top floors of the property offer panoramic views of the Blue Ridge Mountains. Tenants also enjoy quick access to Route 66, Prince William Parkway and surrounding amenities in Manassas and Prince William County. The property is located only 18 miles from Dulles International Airport and six miles from Manassas Regional airport.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.