JV Buys Another Greater Washington Office Building
- Aug 14, 2015
By Adrian Maties, Associate Editor
Another day, another office sale in the Washington, D.C. metro area.
Washington Capitol Partners and its joint venture partners, Kettler, Inc and JB Properties, an affiliate of Bognet Construction, announced this week the acquisition of a renovated Class A office building in Arlington’s Ballston submarket. The three are now the new owners of 4420 N. Fairfax Drive, a five-story property which they purchased from The JBG Companies. Eric Berkman and Steve Gichner of Cushman & Wakefield, Inc. represented the seller in the transaction. The sale price was not disclosed.
The Class A office building offers 57,496 square feet, including 3,237 square feet of retail space, all within walking distance of numerous restaurants, hotels and retail options. Its location also provides access to all major points in and around the Washington metro. The property was 98 percent occupied at the time of the sale. According to the new owners, it underwent a $3 million renovation in 2010 and has the potential for significant future development of mixed-use product.
“The acquisition of 4420 N. Fairfax Drive represents an exceptional opportunity for Kettler,” Robert Kettler, chairman & CEO of Kettler, said. “The redevelopment opportunities for this asset are immense and we’re excited to have had the opportunity to work with Washington Capitol Partners on this joint venture.”
For Washington Capitol Partners, the deal to buy 4420 N. Fairfax Drive represents the third acquisition in the Washington, D.C. metro area in the last six months.
Photo credit: The JBG Companies