Brian Ball, executive director in the DC office of GVA Advantisand Don Crigger, senior director, in GVA Advantis' Norfolk officerepresented the seller. Manny Fitzgerald, senior vice president atCB Richard Ellis, represented the Academy.

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The Academy purchased the building to occupy it as itsheadquarters. It is expected to move from its current headquartersin Old Town Alexandria to its new building, located at 1650Diagonal Rd., in July. While commercial trades have slowed,Fitzgerald reports that the user sale market is still verystrong.

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"There is a limited supply of smaller office buildings in the10,000-sf to 50,000-sf range that nonprofits can acquire andoccupy," he says. "In most instances, sellers can obtain highersales prices for vacant buildings from organizations who willoccupy their building than from investors looking for a rate ofreturn on their investment," says Fitzgerald, who heads up thefirm's Nonprofit Practice Group.

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