ROSSLYN, VA—American Real Estate Partners has acquired the Rosslyn Metro Center for $180 million. The owner, Clover Management Corp. put the building on the market in November 2014.
DTZ's Bill Collins, Paul Collins, Jud Ryan, James Cassidy and Drew Flood brokered the 22-story, 409,148-square foot office building on behalf of the seller.
In March, GlobeSt.com reported that a source told us that Clover had found a buyer for the property -- Tishman Speyer, which had agreed to buy the building for $175 million, or $434 per square foot.
The deal also included the development rights to an additional 270,000 square feet of space next to the site, the source told us.
Rosslyn Metro Center is located at 1700 N Moore St., and is directly connected to the metro station via the retail pavilion.
The building is about 89% occupied, which a few years ago would have been viewed as low for the submarket. However Rosslyn has been experiencing an unusual period of market vacancy, due to the ongoing impact of the Base Realignment and Closure Act and recent new supply that delivered into the market, such as 1812 N. Moore, which is still largely vacant a year after delivery. Meanwhile other projects are moving forward such as The JBG Cos. two-building Central Place project.
In a prepared statement DTZ's Bill Collins called the sale a good opportunity to reposition the property. GlobeSt.com has requests to DTZ and American Real Estate Partners seeking comment. UPDATE: DTZ declined to comment on this transaction.
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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.
