ARLINGTON, VA—A source tells GlobeSt.com that a buyer has been found for 1310 N. Courthouse Rd., a 380,752-square-foot building here that MRP Realty and Rockpoint Group put on the market earlier this year. Requests for comment to AEW Capital -- the reported buyer -- and the sellers' broker, Eastdil Secured, were not returned.
The source says that the building is trading for $134.1 million, or $352 per square foot.
Similar rumors were circulating in May, with a pending purchase price said to be $150 million.
The building is about 96% occuppied with close to 100,000 square feet taken by the Federal Deposit Insurance Corp. However FDIC's two leases at the building are set to expire in October 2015 and April 2020 as the agency plans to take larger quarters at 3701 N. Fairfax Dr., a short distance away.
The building recently underwent an $11.7-million renovation, which in part was expected to attract bidders when the property went on the market in February. "We expect considerable interest because of its exceptional location, recent renovation and upside potential," Collins Ege, managing director of Eastdil Secured, said at the time in a prepared statement.
The building was constructed in 1983 as a corporate headquarters for Bell Atlantic, now Verizon. The renovation that included a new lobby and common areas, a tree-lined plaza, new restrooms and garage, elevator and mechanical system upgrades.
GlobeSt.com will update this story as details are confirmed.
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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.
