Bethesda, MD, May 29, 2020 –
Phillips Realty Capital (“PRC”) announces that it has arranged $29 million in financing for Reston Metro Center One (the “Property”), a 124,076 SF office building located at 12120 Sunrise Valley Drive and within walking distance of the future Reston Town Center Silver Line Metrorail Station.
The PRC team worked exclusively on behalf of the borrower, HighBrook Investors, to secure the three-year plus extension options, floating-rate loan provided by Rubenstein Mortgage Capital (“RMC”), the debt investment platform of Rubenstein Partners, L.P. (“Rubenstein”). The vacant Property was acquired through a note sale where HighBrook subsequently took title. Loan proceeds represented initial financing for the acquisition with additional funds for capital expenditures and leasing reserves.
“HighBrook’s repositioning experience should serve them well in transforming Reston Metro Center One, and we are pleased to support their business plan with this financing. We are excited about our partnership with HighBrook, and the Phillips Realty Capital team played an integral role in our successful execution,” said Ashesh Parikh, RMC.
Built in 2000, the fully vacant Property provides a premier headquarters opportunity for prospective tenants relocating to Reston, offering signage visibility from the Dulles Toll Road, walkable Metro access, and is located 6.5 miles from Washington Dulles International Airport. Property amenities include ample parking (3.5 spaces per 1,000 rentable square feet), access to high level fiber, an employee lounge, a tenant fitness center with full locker rooms, and is surrounded by ample walkable amenities including the Reston Metro Center and the future $1.4 billion Halley Rise mixed-use development.
About Highbrook Investors
HighBrook Investors is a real estate private equity firm which acquires and actively manages property investments in the United States and Europe. Utilizing its collective experience across private, public, domestic, and developed international markets, the HighBrook team specializes in sourcing and identifying unique opportunities for value investing across market cycles. HighBrook purchased its first asset in 2010 and has since raised three fully discretionary commingled funds and two co-investment vehicles. For more information, visit www.highbrookinvestors.com.
About Rubenstein Mortgage Capital
RMC is the dedicated debt investment platform of Rubenstein Partners, focused exclusively on mortgage lending and debt investments. RMC provides fully discretionary balance sheet lending solutions for transitional office investors and office project developers seeking non-recourse first mortgage financing up to 80% of the capital structure. RMC provides flexible mortgage terms, and underwrites and asset manages its mortgage loan investments.
About Rubenstein Partners
Rubenstein Partners, founded in September 2005, is a private real estate investment advisory firm with operations throughout the United States. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on office real estate equity and debt investments in the U.S. Rubenstein Partners’ predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 22 million square feet of office real estate assets throughout the United States. For more information, visit www.rubensteinpartners.com.