ROSSLYN, VA-Goldman Sachs has closed its long-standing, and long-stalled, play to acquire Lehman Bros.’ stake in a Rosslyn portfolio. The purchase price for the 3.2 million-square foot array of office buildings and development plots came to $1.25 billion. A quick math check will tell you that translates roughly into a $480 per square foot price point, which in fact, is roughly in line with where properties are trading in the Rosslyn market.

Don’t, however, be fooled by the number, Monday Properties president Anthony Westreich tells GlobeSt.com. “What is so exciting about this portfolio is that it has significant upside,” starting with, he says, the development of 1812 North Moore Street." Monday Properties is the minority owner in the portfolio and is keeping its stake.

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News that Lehman Brothers--or what is left of it in the form of Lehman Bros. Holdings--was the process of selling its majority stake in the 10-building office portfolio broke this past summer, when the firm filed a petition with the bankruptcy court to sell its 78.5% limited partner interest in Rosslyn Syndication Partners JV LP.  The convoluted deal, which involved additional legal issues between Goldman and Lehman, only recently closed.

The portfolio consists of core properties, value add and development plots, Westreich notes.  Next up for the company, he says, is to get 1812 North Moore built. Currently, the company is shopping for its financing. “We have enjoyed a good partnership with Lehman but we are excited to have Goldman behind us to realize full potential of the portfolio.”

Goldman’s acquisition also is telling about the lure the Washington, DC market still holds for institutional investors, despite the scale back in government spending, he adds. “This purchase says a lot about the value of Washington, DC and the value of the Rosslyn-Ballston Corridor in particular.”