Falls Church Office Building Sells For $98M
A Northern Virginia office building that recently landed an anchor tenant has just traded hands for nearly $100M.
JLL brokered the sale of the office building at 2941 Fairview Park Drive in Falls Church to California-based Menlo Equities, the brokerage firm announced Tuesday. Property records show the sale closed Thursday for $97.6M.
Menlo Equities assumed a $90M loan as part of the deal with the seller, an investor group led by internet pioneer Richard Adams, CoStar reports.
The deal was one of the largest sales to close in the region in March, as the coronavirus created an economic crisis that gave investors pause and created logistical challenges around touring and inspecting buildings.
The 15-story, 367K SF building is part of the 220-acre Fairview Park office park. It sits near the intersection of the Beltway and Route 50.
Defense contractor BAE Systems signed a lease at the building in October 2018 for 135K SF, with plans to move this year. The building is 94% leased with an average term of more than eight years, JLL said. Its amenities include a fitness center and the 2941 restaurant from chef Bertrand Chemel.
"The proven strategy of acquiring a trophy quality asset with strong credit tenants at a price below replacement cost in a fundamentally strong market and location is timeless," JLL Senior Managing Director Bill Prutting, who represented the seller, said in a release.
