Matt Brady and Nate Crowe with Scheer Partners represented the building's owner in the transactions. Fairview Building was purchased by a group of private investors in 2006 who subsequently made nearly $4.5 million in renovations. Scheer did not return a call to GlobeSt.com in time for publication.
The five office condo sales that closed since late November ranged from 1,200 square feet to 1,800 square feet; four suites between 1,200 square feet and 3,100 square feet had been leased earlier. The tenants and owners include an accounting firm, a dentist, a human resources consulting firm and a mortgage company.
Office condos have traditionally fared better in DC suburbs than in the District itself, with supply of these units in the District much lower than in submarkets like Alexandria or Gaithersburg. Metro DC's office condo market, though, is expected to become more active with new product coming on the market.
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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.
