$60M Takes 110,900-SF Arlington Office

Normandy Real Estate Partners, on behalf of Normandy Northeast Office Venture Partners LP, has sold 801 N. Quincy St., an 110,900-sf office building, to Guardian Life, according to these sources. Neither Normandy nor Guardian was able to return a call to GlobeSt.com in time for publication. Bill Collins, Paul Collins, Drew Flood, James Cassidy and Jud Ryan of Cassidy Pinkard & Colliers represented Normandy in the transaction. Cassidy Pinkard & Colliers did not return a call in time for comment either.

Quincy Crossing is currently 100% leased and is anchored by the Department of the Interior, according to Cassidy Pinkard Colliers' website. The building was completed in 2002 and is located across the street from the Founders Square development site, the proposed future headquarters of the Defense Advanced Research Projects Agency.

Investment sales in the DC area have clearly slowed this year--particularly this last quarter--in response to the credit environment. In Q3, total office sales registered $427.9 million, a sharp drop from Q2's $1.5 billion sales volume, according to GVA Advantis statistics. Still, though, sales are making their way across the finish line--if the assets meet investors' needs. For instance, last month AEW Capital Management purchased 4520 E. West Highway in Bethesda for close to $72 million, according to its website. Montgomery County is still very healthy, and stacks up well against other submarkets, Tonya Ginter, director of research and marketing for GVA Advantis, tells GlobeSt.com. "We are still seeing good tenant activity and the vacancy rate is 5.8%. This is a decrease from 6.6% in 2007--a drop that an investor would pay close attention to in this market."