400 KSF Falls Church Corporate Center Sells for $86M
- Jul 19, 2011
July 19, 2011
By Nicholas Ziegler, News Editor
The Falls Church Corporate Center, on the edge of the Washington, D.C., area, just sold in an $86 million deal brokered by Transwestern. The property, two 13-story office buildings totaling 399,049 square feet, also includes a development site that can accommodate an additional 200,000-square-foot office building. The property was acquired by The JBG Companies from Pearlmark Real Estate partners.
The Falls Church location is located at the crossroads of Route 7 and Route 50, known as the Rosslyn-Ballston Corridor, an area that has been the site of rapid growth since its planning more than 40 years ago. The Corporate Center, less than one mile from the East Falls Church train station. As Roger K. Lewis, professor emeritus of architecture at the University of Maryland, noted in a column for The Washington Post, “the corridor functions well. It takes less than 10 minutes to walk between any two adjacent Metro nodes on the corridor. Appropriately high densities and multiple uses are concentrated at each node. Intense redevelopment and convenient transportation have made the corridor successful as a place to live, shop and play, as well as to work or commute to work.”
Signaling a trend in the market, Transwestern’s research affiliate, Delta Associates, says investment sales volume for Northern Virginia totaled $483 million during the second quarter of 2011, compared to $373 million during the first. During the first half of 2011, sales totaled $856 million, compared to $219 million during the first half of 2010.
The Falls Church Corporate Center was completely renovated in 2009 to include new lobbies, restrooms, common corridors, windows, HVAC equipment and EMS system. Virtually all the tenant suites had been gutted and re-built over the past 3 years, ensuring future tenant retention.