Madison BuildingALEXANDRIA, VA–JOSS Realty has acquired a six-story office building here from Finmarc Management for $29.5 million. Called Offices at Waterfront Center, the property is located at 209 Madison St.
Kaleigh Jones and Erik Berkman of Cushman & Wakefield represented Finmarc Management in the sales transaction. The building was 90% leased at the time of the sale and is anchored by Sport & Health.
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“The new owner acquired a strategically-located and excellently-maintained office asset in a Northern Virginia location with a high barrier to entry,” said Sean Sullivan, Vice President of Finmarc Management in a prepared statement. “During our ownership, we significantly increased the value of the building by maintaining high occupancy rates and maintaining it in peak operating condition.”
Sullivan added that Finmarc plans to deploy the proceeds to pursue new properties throughout the Mid-Atlantic region that fit its acquisition profile.
Finmarc currently owns and manages more than 100 commercial office, flex, industrial and retail properties as well as several residential projects in the Mid-Atlantic area, totaling more than six million square feet of space.
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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.
