Salus Spends $57M in D.C.’s Rosslyn Corridor
- Nov 11, 2011
November 11, 2011
By Nicholas Ziegler, News Editor
In another deal for the Rosslyn Corridor in the suburbs of Washington, D.C., Salus Property Investments has purchased 1400 Wilson Blvd. in Rosslyn, Va., for $57 million. Holliday Fenoglio Fowler L.P. marketed the property on behalf of Great Point Investors L.L.C.
Known as The Architect Building, 1400 Wilson is situated across the Potomac River from the nation’s capital and sits two blocks from the Rosslyn Metro Station. Originally built in 1965, the property was most recently renovated in 1999 and is fully leased to the Department of State through March 2021.
Over the summer, services firm Jones Lang LaSalle found that the Rosslyn area was reaching pre-recession levels for office rental rates and that a “flight to quality” situation was in full effect for the entire D.C. metro area. The report went on to note that, with long-term leasing contracts in place from the federal government, many tenants chose to renew in existing spaces rather than face the cost of relocation.
The Rosslyn-Courthouse-Ballston Corridor also saw a significant transaction in early October, when Penzance Cos. purchased a 154,922-square-foot office from Stuart H. Miller Co. for $67 million.
The 1400 Wilson property was acquired free of existing debt.