Gauging the closing price would be difficult, according to TonyaGinter, director of Research and Marketing for GVA Advantis, asthere have been few trades in Crystal City in recent months. Also,the building itself does not lend itself to an easy comparison--oneof the towers is a class B structure, she says, and the other,class C. Ginter's best guess is that "it probably traded anywherefrom $350 per sf, to $400 per sf." The closest comp was in Oct.2006 when 2511 Jefferson Davis Hwy. traded for $306.37 per sf. InDecember 2006 4501 N. Fairfax Dr. traded for $493 per sf.


Jefferson Plaza consists of two 13-story towers: the 263,312-sfJefferson Plaza 1 and the 253,993-sf Jefferson Plaza 2, which arelocated at 1411 and 1421 Jefferson Davis Highway, respectively. Thebuildings are connected at ground level with a glass-enclosedatrium and their main entrances are located on the submarket'smajor thoroughfare, Crystal Dr. Other features in the buildinginclude 21,000-sf floorplates and a three-level below-grade parkingstructure that both buildings share. Together, the two towers are96% leased with the National Guard Bureau as the largesttenant.


Crystal City's status as a submarket in progress was a sellingpoint for the buyer, according to LEI. Once strictly a governmentagency town, Crystal City has been scrambling to reinvent itselfinto a destination for private sector office and residentialinvestment after the 2005 Base Realignment and Closure Act. CrystalCity "is undergoing a significant transformation which is bringingnew residents along with retail, restaurants and entertainmentvenues, creating a more vibrant 24-hour district," says BleeckerSeaman, LEI managing director. "This is a market we know well as wehave owned and operated the nearby Century City complex for severalyears, which itself is undergoing a significant renovation."

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