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ARLINGTON, VA-One Verizon Plaza, formerly known as One Bell Atlantic Plaza, gets a new owner as global investment firm Carlyle Group sells the 353,000-sf building to real estate investment advisor RREEF Funds in a $64.8 million transaction. RREEF made the purchase on behalf of unidentified institutional clients. According to county records the structure has a 2002 assessed value of $69.4 million.

Located at 1310 N. Courthouse Road, the 12-story office building sits on an 87,000-sf lot in the city’s Clarnedon/Courthouse submarket and remains leased to Verizon. Arlington Square Corporation originally developed the property for telephone company C&P and then sold it to Bell Atlantic Properties, which was the phone company’s real estate and investment division, in 1986. Bell Atlantic later developed Two Bell Atlantic Plaza at 1320 Courthouse Road.

Carlyle, which acquired the 19-year-old property at the end of 1998 for $55 million from New York Life Insurance, had put the building on the market once before via Jones Lang LaSalle in 2000. This time around Carlyle went with Holliday Fenoglio Fowler. The real estate company took on the listing in March of this year and news of RREEF’s commitment to buy came out in May. “We never got to the full marketing process because we identified RREEF fairly early on,” Holliday associate director of property sales Collins Ege tells GlobeSt.com. “RREEF came in and offered a fair price and we reached an agreement. But there were other people interested.” Ege adds that sealing the deal was a typical process that went smoothly. “It came together in a normal period of time,” he says. “It was a good transaction.”

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