ARLINGTON, VA-LCOR has purchased the 235,000-square foot building at 400 Army-Navy Dr. here for an undisclosed price. An LLC was the seller and Cushman & Wakefield brokered the transaction.
C&W’s Eric Berkman says there was tremendous demand for the property even though it is vacant.LCOR plans to tear down the building and develop multifamily units. The previous owners are long-standing Washingtonian families, Berkman tells GlobeSt.com.
The building went 100% vacant in February thanks to BRAC at which point the owners approached C&W and asked them to market it. “LCOR gave us offer not subject to any type of plan amendment. More than anyone they understood potential and uniqueness of the building. I think they will develop an exciting project.”