Suburban D.C. Office Complex Commands $106M

Ownership of Braddock Place, a 348,200-square-foot office complex in the Old Town submarket of Alexandria, Va., has just changed hands. MGP Real Estate L.L.C. purchased the four-structure property (pictured), located approximately five miles from Washington, D.C., from ING Clarion. ING, which relied on real estate services firm Cassidy & Pinkard Colliers to market Braddock Place, turned a decent profit on the deal, having acquired the property in 2005 for approximately $80 million. Braddock Place is located in the 1300 block of Braddock Place, just a stone’s throw from a Metro station, and within close proximity to the Capital Beltway and I-395. Completed in 1985, the Class A property is presently 96 percent occupied by a list of tenants that includes General Dynamics, the federal government’s General Services Administration and the National Industries for the Blind. Braddock Place attracted a bevy of bids from both domestic and international investors, Paul Collins, managing director with Cassidy & Pinkard, told CPN today. “The property is attractive because of the Metro, the amenities and people just love Old Town,” he said. A popular destination, Old Town is teaming with retail offerings, dining options and cultural venues. Tenants and investors alike appear to love Old Town; MRP Realty just sold the 250,000-square-foot Carlyle Overlook office building it recently completed. The vacancy rate in Alexandria, according to a first quarter report by real estate services firm GVA Advantis, is 6.1 percent.Headquartered in New York City, 26-year-old ING Clarion provides real estate management services to institutional investors, predominantly U.S. Pension Funds. MGP is a privately held real estate firm that develops, manages and invests in office, industrial and flex properties in the Washington, D.C., area and other East Coast markets. Over the last 25 years, the company has developed approximately 2.5 million square feet of office space, and has acquired about 8 million square feet of commercial properties, including office, industrial, flex and suburban retail assets.Blog Story and Comments