Marcus Properties Sells Renovated Office Asset for $87M

FALLS CHURCH, VA – Vanderbilt Properties has purchased a 284,333-square-foot office property in Falls Church, VA from an affiliate of Marcus Partners for $87.5 million.

The property, located at 3170 & 3180 Fairview Park Dr., is currently 98% leased to four tenants, with a weighted average lease term of 11 years. The office building’s current tenants comprise General Dynamics Information Technology, Capital Caring Health, Sheet Metal Workers’ National Pension Fund and Balfour Beatty.

Newmark Knight Frank served as the sole broker between the seller and buyer. NKF’s managing director, James Cassidy, managing director, Jud Ryan and VP, Cliff Cummings, represented the seller in the transaction, and Newmark Knight Frank’s vice chairman of debt and structured finance, Joe Donato and managing director, Kassi Saridakis worked with buyer on financing the acquisition.

Marcus Partners completed a major renovation at the property earlier this year. Comprising more than 25,000 square feet of amenities, the recent renovation includes a farm-to-table café with an outdoor terrace and fire pit, a high-tech 100-person auditorium, a 100-person conference facility and a fitness club with a training studio and locker rooms, as well as indoor and outdoor seating areas.

The implemented improvements resulted in 100,000 square feet of leasing in less than one year, and a 25% rent growth over the same period.

“Marcus Partners executed an outstanding renovation of the asset, including an amenity package that truly exceeds anything else we’ve seen in the market for properties of this scale–arguably one of the best assets out there,” states Cassidy. “Today, as more investors flock to quality assets with credit tenants, we believe that this acquisition will prove itself to be a great addition to Vanderbilt’s portfolio as they continue to expand in the region.”