The asset, which occupies a 4.5-acre parcel, has a current assessed value of $38.3 million. Jim Luck, Warren Dahlstrom and Chip Ryan of Cushman & Wakefield's Capital Markets Group orchestrated the transaction.
Located at 8614 Westwood Center Dr., Westwood Tower sits off the Dulles Airport Access Road and Interstate 495. The class B building had an 89% occupancy level at the time of the transaction. Tenants include the Reinforced Earth Co., Acumen Solutions Inc. and ATX Communications. In 2003 the ownership secured a five-year, $32-million loan on the property.
C&W will continue its involvement with the property; Millard and colleague Peter Berk will be responsible for leasing, while Joe Schechtel will handle the property management. Cushman is revealing the leasing rate for the remaining space upon request. Class B office space in Vienna and the Tysons Corner submarket goes for $21.97 per sf, according to the firm's Third Quarter 2005 Office Report for the Washington Metro area.
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