Cassidy Turley Secures 620 KSF Management Assignment in Suburban Washington, D.C
By Barbra Murray, Contributing Editor
USAA Real Estate Co. has just tapped Cassidy Turley to spearhead property management services for two premier office buildings in Arlington, Va., just outside of Washington, D.C. With the new assignment, the commercial real estate services firm adds 621,800 square feet to its third-party management portfolio.
Six years old and 12 stories high, One and Two Potomac Yard carry the addresses of 2777 and 2733 Crystal Dr. and sit in Arlington’s Crystal City submarket, less than four miles across the Potomac River from the nation’s capital. A 315,200-square-foot structure, One Potomac Yard is 100 percent leased, with the U.S. Environmental Protection Agency as the sole occupant. The government entity spills over into Two Potomac Yard, accounting for 50 percent of the building’s 99 percent-full tenant roster.
USAA has owned One and Two Potomac Yard since 2010, when the company acquired the transit-oriented towers from JP Morgan Chase & Co. for roughly $231.9 million. “We have developed a robust resource platform that is prepared to support the on-site management team and will facilitate a smooth transition,” said Bill Grillo, senior managing director with Cassidy Turley.
The firm has had a busy few months, receiving outsourcing assignments covering millions of square feet. In August, SunTrust Inc. tapped Cassidy Turley to provide corporate real estate services for the financial concern’s 13 million-square-foot corporate real estate portfolio. June was an exceptionally busy month. Lodging Hospitality Management selected the firm to manage the office and retail components of the newly acquired, mixed-use Westport Plaza in St. Louis; Clarion Partners L.L.C. chose the team to provide management services for the 895,000-square-foot, mixed-use Chevy Chase Pavilion in Washington, D.C.; and ITOCHU conveyed a contract entailing transaction management, lease administration and audit services, portfolio consulting and variable project management services for the Japanese conglomerate’s 136 North American office and industrial sites.