Falls Church office building sells for $87.5M
Building was 98% leased at time of sale
An office building in Falls Church sold for $87.5 million, commercial real estate advisory firm Newmark Knight Frank (NKF) announced Tuesday.
Located at 3170 and 3180 Fairview Park Drive, the 284,333-square-foot property is 98% leased, with tenants including General Dynamics Information Technology, Capital Caring Health, Sheet Metal Workers’ National Pension Fund and Balfour Beatty.
“Despite the many unknowns during this time, we knew that once our team went to market with the property that the product would speak for itself,” NKF Executive Managing Director Jud Ryan said in a statement. “Our team was blown away by the interest we garnered, and we received pricing higher than pre-COVID-19 expectations.”
NKF was the sole broker on the transaction between the seller, an affiliate of Marcus Partners, and Chicago-based buyer Vanderbilt Properties. This year, Marcus Partners completed a renovation that included more than 25,000 square feet of amenities such as a café with an outdoor terrace, a 100-person auditorium, a 100-person conferencing facility, a fitness club and indoor and outdoor seating areas.
“Marcus Partners executed an outstanding renovation of the asset, including an amenity package that truly exceeds anything else we’ve seen in the market for properties of this scale – arguably one of the best assets out there,” NKF Executive Managing Director James Cassidy said in a statement. “Today, as more investors flock to quality assets with credit tenants, we believe that this acquisition will prove itself to be a great addition to Vanderbilt’s portfolio as they continue to expand in the region.”
Cassidy and Ryan along with NKF Vice President Cliff Cummings represented the seller in the transaction while Joe Donato, vice chairman of debt and structured finance, and Managing Director Kassi Saridakis worked with the buyer on the financing of the acquisition.