Presidential Tower. Photo by Beacon Capital Partners and David Madison Photography
ARLINGTON, VA—An institutional investor has acquired the Presidential Tower here for an undisclosed price. The seller, represented by Newmark Knight Frank, was Beacon Capital Partners. The 349,303-square-foot building is located at 2511 Jefferson Davis Hghwy.
That address lands Presidential Tower squarely in the National Landing submarket two blocks away from where Amazon is locating its second headquarters. This did not go unnoticed by bidders. “We saw a tremendous amount of interest in Presidential Tower given its location in National Landing, future home of Amazon's second headquarters,” said NKF Executive Managing Director Jud Ryan.
The property underwent a significant renovation over the past few years including an expansion and modernization of the main lobby, common corridors and restrooms. It also offers a strong amenity package and spec suites. The once fully vacant building is currently 95% leased.
Ryan, James Cassidy and Robert Griffin facilitated the sale. Dustin Stolly, Jordan Roeschlaub, Joe Donato and Maury Zanoff arranged financing.
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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.
