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ROSSLYN, VA-Commonwealth Tower, a nearly 350,000-sf class A office building, has become the property of CarrAmerica Realty Corp. The Washington, DC-based real estate company acquired the building for approximately $131 million from Kan Am Commonwealth Towers LP, a partnership involving Kan Am/Westwind Capital Partners and the Kaempher Co. The sellers are walking away with a nice profit, after having acquired the property in July 2002 for just $107 million. As per Arlington County records, the property has a current assessed value of $105.5 million.

Commonwealth Tower occupies a nearly two-acre parcel at 1300 Wilson Blvd., just a bridge away from Washington, DC. The 15-story structure, which was built in 1971, features 11,000 sf of ground-level retail space, as well as a fitness center and four-level underground parking facility capable of accommodating up to about 500 vehicles. While the property is over three decades old, a recent generous upgrade–designed by Skidmore, Owings & Merrill and facilitated by Davis Construction Corp.–has helped the premiere structure maintain its class A status.

“Commonwealth Tower gives us a high-quality asset with long-term value,” CarrAmerica Suburban Washington, DC managing director Bob Milkovich says. “The property is 100% occupied, including tenants such as American Chemistry Council and the Mills Corp., in a submarket that has very high barriers to entry.” CarrAmerica will handle both management and leasing duties at the property, where space had been offered up for lease at a figure in the low $30 per sf range.

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