Office Condo Demand is Back, Re-Priced

CHANTILLY, VA-Two suburban office buildings traded here for $3.21 million—and their possible development into office condos suggest this asset class might be regaining its footing. The properties, acquired by Stonecroft Venture LLC, had been recently foreclosed. The new buyer is eyeing multiple exit strategies including, as the previous owner had planned, office condo sales. The property’s flexible design will allow the new owner to wait a while before deciding, CBRE Capital Markets’ First Vice President Marc N. Rampulla tells GlobeSt.com.

The buildings also could have been carved up into separate deals, but the bank wasn’t interested, he says. “We did receive quite a bit of interest from individual condo investors to larger users interested in pieces of the building,” he says. “But my client was not willing to entertain those proposals.”