ARLINGTON, VA-MetLife is seeking either a new owner or a joint venture partner for its now-empty 1320 N. Courthouse Rd. office building. Verizon, which occupied the build-to-suit property with a 30-year lease set to expire at the end of the year, has left early, Cushman & Wakefield senior managing director Susan Carras tells GlobeSt.com. She and colleague Brian Dawson have the new sale assignment.
Carras declined to discuss pricing other than to say the building is expected to sell competitively, given its status as the only large block of space available in the Rosslyn-Ballston Metro Corridor. The call for offers is set for May 3. Carras says there has been an excellent response so far from the usual array of players that review Washington-area real estate products, with institutional investors, pension funds, offshore buyers and REITs all expressing interest. One pricing guide will be the trade of a nearby building, the Hartford, earlier this year. An institutional investor acquired it for $112.6 million.
Meanwhile, C&W—and presumably the forthcoming new owner—will be trying to secure a tenant for 1320 N. Courthouse. Carras says the asking rate is $45 per square foot.
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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.
