Carr Properties Sells Premier Arlington Office Asset
- Sep 18, 2019
Carr Properties has sold Arlington Plaza, a 195,128-square-foot office property in Arlington, Va., to a joint venture of American Real Estate Partners and an affiliate of Rockwood Capital. AREP’s Strategic Office Fund II LP, a fully discretionary vehicle, acquired the asset. Carr originally purchased the building in 2007 from Vornado Realty Trust for $71.5 million, per Yardi Matrix data.
The Class A office property is situated within the R-B Corridor, a submarket in the Washington, D.C., metro area. Built in 1985, the 16-story building underwent cosmetic renovations in 2005 and is currently 100 percent occupied. The property also houses 8,000 square feet of retail space. Tenants at the building include BAE Systems, an international supplier of defense, aerospace and security electronics, and ACMA, a trade organization for the composites industry.
Arlington Plaza has one of the largest private outdoor plazas of any office property in the R-B corridor, a feature that attracted AREP to the asset, according to the firm. AREP plans to complete a modern repositioning of the building and add activated indoor/outdoor social spaces, integrated conferencing facilities and a fitness center, among other upgrades.
East coast moves
Carr Properties sold another of its Arlington office assets in July of this year when USAA Real Estate purchased One Liberty Center for $153 million. The highly secured property is 99 percent leased by the U.S. government.
Last year, AREP purchased two office properties in Pennsylvania—the 825,968-square-foot 1600 Market St. in the Center City neighborhood of Philadelphia, bought for $160 million, and Eight Tower Bridge, a 346,659-square-foot tower in Conshohocken, acquired for $108 million.