Boston Properties purchases partner’s stake in office complex
Boston Properties has plans to acquire a 50 percent stake in Fountain Square, an office complex in Reston, Va., from its partner Beacon Capital Partners. The three-building complex has a value of $413 million, and the transaction would give Boston Properties full ownership of the property.
The 811,000-square-foot office complex consists of one-, two- and 11-story office buildings. It includes 235,000 square feet of street retail. It is 97 percent occupied. Major tenants include GMAC Insurance, Learning Tree, Metron Technology, Apple and Pottery Barn.
Beacon Capital Partners acquired the Northern Virginia office complex in 2007 as part of a portfolio acquisition. Boston Properties became a partner in 2012.
In a separate deal, Boston Properties and a partner have plans to sell an office building located at 505 Ninth St. N.W. in Washington, D.C., for $318 million, according to Real Capital Analytics.
The office building totals 323,000 squa