Located off I-66 on Eaton Place, the WillowWood buildings account for nearly 280,000 sf of class A office space, all of which is fully occupied by tenants including Carfax, the General Services Administration, and Zeta Associates Inc. With the office property market in Northern Virginia burning bright despite the slow economy, the buildings were certain to be snapped up in a hurry. Office vacancies in the City of Fairfax are at a low 6.3%, and sublease vacancies are less than 1%, according to Spaulding & Slye Colliers' Northern Virginia Office Market Report for the second quarter of 2003.
"There was a lot of interest in the property, but basically it was a one-shot deal," Grubb & Ellis Financial Services Group senior vice president Steve Gichner tells GlobeSt.com. "We solicited an offer; it never went to the public." Grubb & Ellis even went the extra mile to sweeten the deal for the buyer. "We were successful in helping RKB underwrite the potential renewal of the GSA who leases 29% of the property," Gichner explains in a press release on the sale. "This enabled the purchaser to aggressively underwrite the value."
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