Clarion Partners Sells DC Office Asset for $90M
- Nov 12, 2020
Clarion Partners has finalized the $90 million disposition of a 257,489-square-foot, Class A office property in Falls Church, Va. Apollo Global Management acquired the building. The asset previously traded in 2011, when Franklin Street Properties sold it for $90 million, Yardi Matrix data shows.
Located on 16 acres at 3150 Fairview Park Drive, the eight-story building was completed in 2001. In March 2019, the seller finalized an extensive capital improvement plan, according to Washington Business Journal. The renovation process included the addition of an atrium lobby, overhauling the common areas and tenant space and upgrading amenities.
General Dynamics Information Technology’s fully occupies the property as its global headquarters under a long-term lease. The building has conference rooms, four elevators and an 884-space multi-level parking deck. Situated in the Fairview Park corporate office complex, the asset is alongside the Capital Beltway at its intersection with Arlington Boulevard, within 12 miles of downtown Washington, D.C.
JLL Capital Markets Senior Managing Directors Bill Prutting and Jim Meisel and Managing Director Matt Nicholson negotiated on behalf of the seller. In April, Prutting led the team that closed the $97.6 million sale of a 367,349-square-foot office asset less than 1 mile north of Apollo’s purchase. The brokerage sourced the buyer, Menlo Equities.