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VIENNA, VA-The 78,000-sf office building at 8401 Old Courthouse Road has been sold to local non-profit organization the National Institute of the Severely Handicapped in a $10 million deal. A joint ventured controlled by Boston, MA’s Paradigm Properties sold the property, which it had acquired in 1998 for $11.6 million. Grubb & Ellis represented the owner, while Insignia/ESG stood in for NISH in the transaction

Located in the Tysons Corner submarket, the three-story brick structure was built in 1984 and sits on a 3.3-acre plot. The building has a current assessed value of $10.9 million, but given the sluggish market as well as the structure’s low occupancy level of 26%, the quick disposition is considered a coup.

“Despite the local market’s 20% vacancy rate, we were able to maximize the value of the building by targeting potential owner occupants,” Eric Berkman, senior vice president of Grubb & Ellis’s Institutional Investment Group says in a statement. Speaking to GlobeSt.com, Berkman explains, “the building was 100% leased when we went to market, but Folio FN vacated its space, so we re-marketed the property to a user. He adds, “it took only 30 days to sell and we had three offers.”

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