Jamestown Closes on Stafford Place II; Stafford Place I Still Under Contract

ARLINGTON, VA—The story line of the sale of Stafford Place II continues. Jamestown, a New York-based investor, has purchased the 184,548-square foot office building out of a troubled situation for an undisclosed amount.

Transwestern's Gerry Trainor led the team that brokered the sale.

Last month we reported that the loan for Stafford Place II transferred into special servicing on April 17, according to Trepp. Stafford Place II had been put under contract earlier in the month, along with its sister building, Stafford Place I, for $300 million by Ralph Dweck.

Transwestern describes Stafford Place II as 98% leased "to a mix of strong credit tenants, providing the buyer with stable cash flow and upside when the below-market National Science Foundation lease expires in December 2017."

The borrower, Dweck, requested a 90-day extension on the loan, which is why it went through the special servicer. Meanwhile Stafford Place I is still under contract and expected to close later this year, also to Jamestown.

Transwestern began marketing the two office buildings, along with a third, on behalf of Dweck Properties at the beginning of the year.

Stafford Place I, located at 4201 Wilson Blvd., is a 586,878-square-foot, 12-story office building.

Stafford Place II, located at 4121 Wilson Blvd., is an 11-story, 184,548-square-foot office building.

The third building, Ballston Metro Center, is no longer on the market.

Jamestown acquired another asset from Ralph Dweck earlier this year: America's Square, a 461,484-square foot complex located at 51 Louisiana Ave. NW and 300 New Jersey Ave., for $1,083 per square foot, or $500 million.

GlobeSt.com placed calls to Jamestown and Transwestern after hours. We will update this story as more information comes in.