517,000SF Suburban D.C. Office Complex Trades
- Feb 04, 2008
Lowe Enterprises Investors has taken a 517,000-square-foot office complex in Arlington, Va., off the hands of Equity Group Investments L.L.C., which made the sale on behalf of a client. The property, Jefferson Plaza, boasts an occupancy level of 96 percent. Jefferson Plaza had been part of the portfolio of Equity Office Properties Trust, which was acquired by Blackstone last year in a $39 billion deal. Originally developed in 1970 and renovated a decade ago, the complex sits in Northern Virginia’s Crystal City submarket, located about three miles from the White House and just a stone’s throw from the Pentagon. The property consists of two connected 13-story towers; Jefferson Plaza 1 offers approximately 263,000 square feet while Jefferson Plaza II accounts for 254,000 square feet. A Three-level underground parking facility is also part of the property. Lowe Enterprises will rely on internal staff to handle management and leasing responsibilities. Real estate services firm Cushman & Wakefield Inc. marketed the property and represented Equity Group in the transaction. Lowe Enterprises already has a presence in the area, counting the 592,000-square-foot Century Center office complex as part of its portfolio. The company is keeping busy in Metropolitan Washington, D.C., in general, with the development of the $200 million CityVista project and the $300 million Fort Totten Square endeavor, both of which are in the District. And last May, the company joined forces with Canyon-Johnson Urban Fund to acquire the Hilton Washington hotel in a $290 million deal. The partnership is currently in the process of subjecting the property to a $100 million renovation. Headquartered in Los Angeles, Lowe Enterprises Investors is the investment management affiliate of Lowe Enterprises, which acquires, develops and manages properties across the United States.