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TECHCITY ENGAGES ALVAREZ & MARSAL TO BEGIN PROCESS TO SELL PROPERTY 258-Acre Site Includes 1.7 Million Square Feet of Existing Space and Potential for Millions of Square Feet of New Development

Kingston, NY – June 3, 2015 . . . . TechCity Properties has engaged Alvarez & Marsal Real Estate Advisory Services (A&M) to begin a process that will result in the sale of all or part of the 258-acre property. The site contains 1.7 million square feet of existing space and has the potential for millions of square feet of additional development.


Jerry Pietroforte, who heads the A&M team, said: “This sale represents a unique opportunity to acquire office and manufacturing buildings at a significant discount to replacement value, as well as developable land in a magnificent setting with views of the Catskill Mountains and Esopus Creek, near the historic towns of Woodstock, Rhinebeck and Kingston, New York.…


Posted by Alan Ginsberg on June 10, 2015 at 12:44pm

Washington Property Company Sells VA Land for $11.5 Million

Washington Property Company (WPC) of Bethesda, MD has sold a 13.54 acre parcel of land in Loudoun County, VA to Pulte Homes for $11.5 million. WPC successfully rezoned the land from commercial to residential use, and Pulte intends to build 95 town homes on the site.

University Center Parcel P-1 is located near the intersection of Routes 7 and 28, accessible from Riverside Parkway and adjacent to an existing town home community. Bles Park, with frontage on both Broad Run and the Potomac River, is across Riverside Parkway from the site. Also nearby is the expansive Lansdowne community, Inova Loudoun Hospital, the Howard Hughes Medical Institute’s Janelia Research Campus, and Dulles Town Center.

“WPC acquired this parcel during the economic downturn when commercially zoned land value was low,” said Daryl South, WPC’s Senior Vice President of Development. “Due to the location and steep slope of the site, it was better suited for residential use. Rezoning was completed at…


Posted by Leslie Braunstein on May 6, 2015 at 4:02pm



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