Typically both of these parties tend to invest in core assets,explains Robert Greer, managing director at ING Clarion. "But theopportunities were so good with this building, that we though thevalue-add component would complement the portfolios very well," hetells GlobeSt.com.

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The building is currently 84% occupied by Verizon, which isplanning to vacate the building over a period of years. The newowners will invest about $2 million in a rehab to attract newtenants, Greer explains.

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"The bones of this building--its structure and finish--are of aquality not usually seen in this type of building," he says. "Onceour rehab is complete it will be very competitive in themarket."

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Completed in 1991, the building features a copper mansard roofcap, marble lobby, granite skin with ribbon glass facade high-speedelevators, 10-foot ceilings, redundant telecommunications fiber,and a five-and-a-half story parking garage. The planned upgradesinclude restroom renovations and refurbishment of theelevators.

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Greer also says the investors liked Fairview Park itself, whichhas a good reputation in Northern Virginia and is easily accessibleto most of the major highways and thoroughfares as well as theDulles Toll Road. One of the investors already owns at least onebuilding in the park; the other holds assets in Tyson's Corner.

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"I have been active in Northern Virginia for 20 years and havealways thought it would be a great investment to own a building inthis park," Greer says. "Now we do." Asking rates for the buildingwill be in the high 30s per sf, he adds. Grubb & Ellis is theproperty manager for the building. The leasing agent is Jones LangLaSalle.

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