ARLINGTON, VA-Randolph Square, a 190,000-square-foot office building fully occupied by the Patent and Trademark Office has traded for $47.9 million. The developer, Monument Realty, sold the Gold LEED certified building to Invesco Real Estate. Paul Collins, Bill Collins, Drew Flood, James Cassidy and Jud Ryan of Cassidy Turley represented Monument in the deal. The building weathered the brunt of the recession, Michael Darby, Monument Realty's owner, said in a prepared statement, but ultimately was able to attract interest from purchasers.
Located at 2800 S. Randolph St., Randolph Square was one of the last buildings to deliver at the Village at Shirlington, a mixed-use project originally envisioned by Rockville, MD-based Federal Realty Investment Trust. Monument also developed Quincy Tower, the sister building of Randolph Square.
This is the fourth sale in 2010 for Monument, which also was battered by recessionary forces. Other deals include the sale of the Palatine, a 262-unit luxury apartment building, in March for $118 million and Monument Corporate Center I, a 200,000-square-foot office building, in January. Monument Realty has also restarted the renovation of Potomac Place Tower, a 396-unit condominium in Southwest Washington, DC. It also signed its first lease at 55 M Street, a 275,000-square-foot office building located directly above the Navy Yard Metro in the Capitol Riverfront neighborhood.
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