Located close to Washington Dulles International Airport, Woodland Pointe is let long-term to Volkswagen of America. Union Investment Real Estate AG has returned to the US real estate market, purchasing a newly constructed office building in Herndon/Virginia which is used by Volkswagen as its US headquarters.
The Hamburg-based investment management company made the acquisition for its UniImmo: Global open-ended real estate fund. The Class A building was completed by Tishman Speyer Properties in January 2008 and is let to Volkswagen of America, Inc. on a 15-year lease. The wholly-owned subsidiary of Wolfsburg-based Volkswagen AG moved its US headquarters to the Baltimore-Washington metropolitan area for strategic reasons in spring of this year. "After a break of nearly two years, we are delighted to be returning to the US market by making this attractive investment in the Washington D.C. region. We anticipate stepping up our North American activities significantly in 2008," says Management Board member Michael Montebaur.
Woodland Pointe comprises some 17,200 m