MCLEAN, VA-Washington, DC-based Bresler & Reiner Inc. has acquired a 25% stake in a joint venture investment in the Madison Building for $2.2 million. The real estate organization’s partner in the deal, Compson Development, will continue to provide management and leasing services for the class A, 82,000-sf structure. With the assistance of Commercial Mortgage Company, the 18-year-old Madison Building commanded financing form Deutsche Banc Mortgage in the amount of $14.6 million. The structure carries a 2002 assessed value of nearly $13 million.
Located at 1320 Old Chain Bridge Road, the Madison Building is fully leased to tenants including residential real estate firm McEnearney Associates, Terimeter Wireless Network Inc., and offices of various physicians and attorneys. Office space in the Fairfax County property leases for approximately $32-per-sf.
County records indicate the building last changed hands in 1985, soon after its completion, in a $3.5 million deal. The acquisition of interest in the Madison is part of Bresler’s strategy of re-deploying assets and identifying new sources of revenue.