Rockwood closes $68m sale-leaseback deal

The White Plains, New York-based firm has acquired Sallie Mae’s headquarters in Virginia through its $964m Rockwood Fund VIII.

Rockwood Capital has acquired the headquarters of US student loan provider Sallie Mae for $68 million in an all-equity sale-leaseback deal.

The White Plains, New York-real estate firm bought the Reston, Viriginia office block from SLM Corporation, also known as Sallie Mae. Rockwood said in a statement it would lease the entire property back to Sallie Mae for three years, and then 55 percent of the space for an additional seven years.

The 221,326-square-foot headquarters acquired through the firm’s $964 million Rockwood Real Estate Partners Fund VIII, which closed last March.

In December, Sharon Ann Miller, managing director of Rockwood Capital, told PERE the coming year was not just about deploying dry powder on the “right transactions … it’s also about proactively managing your existing assets by focusing on optimising value and preserving capital.”