Apollo Buys General Dynamics' Falls Church HQ For $90M
A Fairview Park office building has traded hands for $90M, the third building in the Falls Church office park to sell this year.
Apollo Global Management bought the 3150 Fairview Park Drive office building from Clarion Partners, brokerage firm JLL announced Wednesday.
JLL's Bill Prutting, Jim Meisel and Matt Nicholson represented the seller in the deal. The sale of the 257K SF office building pencils out to about $350/SF.
The office building is 100% occupied with a long-term lease to General Dynamics Information Technology. The federal contractor moved into the building as its headquarters in April 2019, roughly one year after acquiring CSRA Inc.
The building was constructed in 2001, and it underwent a major renovation ahead of GDIT's move-in. Clarion bought it in 2011, also for $90M, property records show.
“3150 Fairview was highly sought-after due to its rare combination of a long-term leased global headquarters of a strong credit tenant, a fully renovated trophy asset and a submarket, Fairview Park, in Northern Virginia, which has experienced 1M SF of leasing activity since 2017, with many tenants landing in Fairview Park from ‘on-Metro’ locations,” Prutting said in a release.
The 220-acre Fairview Park office park features about a dozen office buildings surrounding the Falls Church Marriott Fairview Park, near the intersection of the Beltway and Route 50.
In March, Menlo Equities acquired the 2941 Fairview Park Drive building for $97.6M, a deal JLL also brokered. Last month, Newmark brokered the sale of 3170 and 3180 Fairview Park Drive for $87.5M to a joint venture of Vanderbilt Office Properties and Estein USA.
