ARLINGTON, VA- One Virginia Square, a class A building here that is fully occupied by defense contractor System Planning Corp., has traded for $61.8 million. The seller was TIAA-CREF—the buyer LaSalle Investment Management. Bill Collins, Paul Collins, Drew Flood, James Cassidy and Jud Ryan of Cassidy Turley represented the seller.
Located at 3601 Wilson Blvd., One Virginia Square does not get much better for investors looking for security. “This is a great investment for any company, but especially one looking for stability,” Cassidy tells GlobeSt.com. The building is leased to the tenant through 2012. A privately held firm that is reticent to discuss what it actually does, System Planning Corp. cannot be considered investment grade, but that was the only nuance to an otherwise straightforward core play, Cassidy says.
“It has long standing credit history and a long-standing relationship to DARPA,” he says. “People will pay up for the level of security that a tenant like this will provide, especially when the building is in a top tier location.”
Built in 1999, One Virginia Square is a 116,077-square-foot, six-story office building next to the Virginia Square Metro station. It was one of the last buildings for sale in the Ballston-Rosslyn Corridor, Cassidy says. “Most everything that was on the market has been wrapped up now.”
Recent sales in these two markets include 1555 Wilson Blvd., in Rosslyn, which Penzance acquired for $67 million and Salus Property Investments’ acquisition of 1400 Wilson Blvd., a 108,296-square-foot office building acquired for $57 million.
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