Eric Berkman, Steve Gichner, Brian MacDonald and Juliana Ko of Grubb & Ellis Co. orchestrated the deal on behalf of UBS. The average sales price for a class A office building in Northern Virginia during the last quarter of 2005 was $295 per-sf, according to Advantis Real Estate Services Co.'s Office Market Review for Year-End 2005.
Developed 15 years ago, 950 Herndon is a four-story structure situated on an approximately four-acre parcel near Washington Dulles International Airport. At the time of the transaction, the building was 96% occupied by 20 tenants, including Carteret Mortgage Corp., software development firm Paragon Systems and the Professional Landcare Network. Space was being marketed through Lincoln Property Co. for $22 per sf.
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