Trophy Office Property Sells for $380 Per SF

With the assistance of Bill Collins, Paul Collins and Drew Flood of Cassidy & Pinkard, TA Associates sold the five-year-old building to Teachers Insurance and Annuity Association of America. Located on a one-acre parcel in the coveted Hill section of Tysons Corner's office market--where, according to Cassidy & Pinkard, the vacancy rate for top-of-the-line properties is just 3.4%.

In addition to a five-level parking garage for over 600 vehicles, the property features a small amount of lobby-level retail space, as well as direct access to a fitness facility and daycare center. Of the building's 12 occupants, Wachovia Bank NA accounts for the largest chunk of space with 45,000 sf. Additionally, the leases for 70% of the tenant base are not scheduled to expire until 2010 or later.