Marcus Partners Buys DC-Area Office Asset

CSRA sold a 275,000-square-foot office building in Falls Church, Va., to Marcus Partners. The new owner is set to start a capital improvement program.

3170 Fairview Park in Falls Church, Va.
3170 Fairview Park in Falls Church, Va.

Marcus Partners acquired 3170 Fairview Park, a 275,000-square-foot office building in Falls Church, Va., from CSRA. The seller will continue to occupy about 175,000 square feet, leaving the asset about 36 percent vacant.

The six-story building was completed in 1987 and features more than 1,000 parking spaces. The new owner is planning a capital improvement amenity program that includes a private fitness center, café and conference facility. Additionally, the campaign will also include the construction of a second office lobby, as well as the modernization of the common areas.

The property sits less than two miles from Interstate 495 and next to multiple bus stations, restaurants and hotels, including Las Americas Restaurant, Falls Church Marriott Fairview Park and Extended Stay America.

Marcus Partners also selected Ed Clark, Andrew Klaff, Stephen Hoffeditz and Jeff Tarae of Newmark Knight Frank to lead the leasing efforts at 3170 Fairview Park. Earlier this year, Marcus Partners also acquired a 230,000-square-foot office building in Morristown, N.J.

Image courtesy of Yardi Matrix