The deal is expected to close in Q2 2008. The buyer was notdisclosed. Vornado did not return calls in time for deadline.
The trade works out to roughly $317 per sf, which is in linewith the few class A offices that have traded in this very densesubmarket. "There haven't been a lot of sales here to compare itagainst," Tonya Ginter, director of Research & Marketing forGVA Advantis, tells GlobeSt.com. She points to a sale in Feb. 2007as a close comp: 2216 and 2222 Gallows Rd., a 106,961-sf packagethat sold for $305.72 per sf. "Despite the fact that the economyisn't doing so well, this shows that prices haven't dropped by thatmuch, at least in this submarket."
New--and long awaited--development in the submarket is expandingsupply. MRP Realty has told GlobeSt.com that it is planning a500,000-sfoffice for roughly $250 million. Lerner Enterprises is building an18-story 472,000-sf officetower at 1775 Tysons Blvd. in the Corporate Office Centre at TysonsII and B.F. Saul Co. is building an 11-story, 312,897-sf buildingat 7930 Jones Branch Dr.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
