Finmarc Management pays $127m for 11-building office/data center portfolio

Finmarc Management, Inc., a commercial real estate investment and management firm headquartered in Bethesda, Md., has acquired from Boston Properties an 11-building portfolio comprising about 740,000 square feet of flex/office, industrial and data center space in Springfield, Va., for $127.5 million.

“We acquired this portfolio at below replacement cost and the in-place tenancy, which includes several federal government entities, will generate steady cash flow,” said Neil Markus, Finmarc principal. “We believe well-located and best-in-class flex/office and industrial buildings situated in the outer ring suburbs will continue to flourish and we remain extremely confident in the long-term economic fundamentals of the Springfield and Northern Virginia submarket.”

The single-story and two-story assets located close to Fort Belvoir, the National Geospatial-Intelligence Agency and Marine Corps Base Quantico were 74-percent leased and occupied at the time of the sale.