Select Income REIT Acquires Orbital Sciences HQ Buildings for $85.6M

Select Income REIT reported Thursday that it has acquired three single tenant, net leased office properties totaling 337,228 rentable square feet in Sterling, VA for $85.6 million, excluding closing costs.

Orbital Sciences has a lease to occupy the three acquired properties, located at 45101-45301 Warp Drive in Sterling, VA, through June 2023.

Last week, citybiz real estate reported that Prudential Real Estate Investors was close to a deal to sell the Orbital Science headquarters in Northern Virginia to an unidentified real estate investment trust.

SEE: REIT About to Buy Orbital Science HQ in No. Va.

Select Income REIT is a real estate company that primarily owns and invests in single tenant, net leased properties. The firm completed its initial public offering on March 12, 2012, at which time it owned 251 properties in 14 states with a combined total of approximately 21.4 million rentable square feet.

Since that time, Select Income REIT has acquired 14 properties totaling 3 million rentable square feet for an aggregate purchase price of $380.6 million.

Select Income REIT is managed by Reit Management & Research LLC (RMR). In addition to managing SIR, RMR also manages CommonWealth REIT (CWH), a publicly traded REIT that primarily owns and leases office buildings located in central business districts (CBDs), Hospitality Properties Trust (HPT), a publicly traded REIT that owns hotels and travel centers, Senior Housing Properties Trust (SNH), a publicly traded REIT that primarily owns healthcare properties and Government Properties Income Trust (GOV), a publicly traded REIT that primarily owns office buildings majority leased to government tenants.

The public companies managed by RMR and its affiliates had combined total gross assets of approximately $22 billion as of September 30, 2012.  RMR is a member of the U.S. Green Building Council and an Energy Star Partner.

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