BPG beefs up in Virginia with Diamondback deal.

PHILADELPHIA, PA: BPG Properties, Ltd. (BPG) has beefed up its growing Northern Virginia portfolio with the acquisition of 15201 Diamondback Drive, a 58,266 s/f office building, from the National Association of Securities Dealers (NASD), who vacated the facility as part of a corporate consolidation program.

The purchase was made on behalf of BPG Investment Partnership VII, L.P., a fully discretionary private equity fund with total equity commitments of $550 million.

Roy C. Perry, senior vice president of BPG in charge of overseeing the acquisition of the property with George Haines, project executive of BPG, commented, "We believe that the building's prime location less than twenty miles from Washington, D.C. on Key West Boulevard near I-270, its electrical redundancies, and its data center capability will be attractive to corporate users looking to enter this dynamic, growing submarket."

BPG is planning a capital improvement program to renovate the building for multi-tenant use.

Brendan Cassidy and Paul Kern, III of Cassidy & Pinkard have been named the exclusive leasing agents for the property. Cassidy & Pinkard will also handle the property management.