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ARLINGTON, VA-The Ellipse, a nearly 200,000-sf office building in the Rosslyn/Ballston Corridor submarket, has come under new ownership with Denver-based Miller Global Properties LLC’s recent acquisition of the class A facility from New Boston Fund’s Fund V. Jonathan D. Gillman of the New Boston Fund tells GlobeSt.com that the two parties have agreed not to disclose the sale figure; however, the property’s current assessed value of $43.6 million gives a lowball indication of how much the Ellipse commanded.

Despite the lack of financial information, the sizzling office market in the greater Metropolitan Washington, DC area means New Boston Fund undoubtedly walked away with a profit just three years after having purchased the building for about $42 million. “It’s an advantageous time to be a seller in the Washington, DC, region,” New Boston Fund president Jerry Rappaport Jr. says. “This is a stable market with a significant amount of capital and very limited buying opportunities. Those elements combined to make this the ideal time to sell.”

The Ellipse was developed at 4350 N. Fairfax Dr. back in 1989. In addition to its premium office space–which Lincoln Property Management had been marketing for $30 to $32.25 per sf on New Boston Fund’s behalf–the nine-story structure also features 12,000 sf of interior retail space and a two-level underground parking facility.

“This is a very high quality building with a great location in one of the few markets in the country that is showing positive absorption and improvement in the marketplace with high barriers to entry,” Miller Global president Jim Miller says. “The Ellipse is Metro-served with abundant amenities nearby and has very strong cash flow with great upside potential.”

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