MERRIFIELD, VA-After putting its One Cambridge Court Office Park on the market this summer, Inova Health System nears the end of the bidding frenzy for ownership of the two-building complex. Both structures are a decade old and offer a combined 219,000 sf of class-A office space. Greenwich Group is representing Inova in the transaction and is disclosing neither the number of bids on the table, nor how much cash would-be owners are willing to spend.

“We’ve gone through the last and final round of bidding,” says a Greenwich Group spokesperson, who discussed the building complex with GlobeSt.Com on the condition of anonymity. “Everything is looking pretty good right now.” Unless the current economic climate turns out to be a negative factor in the bidding, Inova can expect to get at least $40 million for East Tower and West Tower, the two structures on Gatehouse Road. Fairfax County records puts the properties’ assessed value as of Jan. 1, 2001 at $39,489,400.

Both structures, which are joined by an atrium, are six stories high and share a fitness facility, café, deli, covered parking, as well as an 800-space outdoor parking lot. Tenants in the East Tower include Inova, Analytical Research Technology, Inc., and intellectual rights firm Birch, Stewart, Kolasch & Birch. Companies such as Logicon, Washington Regional Transplant Consortium and Applied Accounting Technology, Inc. are among those leasing space in the West Tower. The first leases to expire will be in 2003.

Despite the current economic slump, Greenwich is confident that the property will sell at a competitive price.” There’s definitely been a slowdown in the market, and there’s been a hesitancy in the capital market place,” the Greenwich spokesperson concedes. “But with all the [impending] defense spending, we definitely feel there’s going to be a turnaround. A lot of benefits of the increase in federal spending will go to the Virginia office market.”

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