The building and its land have a total current assessed value ofabout $28 million. The seller, Urban Tatemono Kabushiki Kaisha, wasrepresented in the transaction by New York's Secure Capital.Serving as an indication of the ebb and flow of the market over theyears is the fact that Shirlington Gateway fetched $38 million in1989, when it last changed hands.

Shirlington Gateway was constructed in 1986 off Interstate 395at 2800 Shirlington Rd. The 12-story property was 98% occupied atthe time of the transaction and space was being leased for $25 persf, according to Black's Guide. The building's diverse tenant baseincludes the Air Conditioning Contractors of America, the ArmedForces Services Corp. and government contractor EDO Corp.

Summing up the facility, Transwestern's Wes Scott tellsGlobeSt.com that Shirlington Gateway is a "class B building in aclass A location." Friedman and colleagues Andy Stape, Bob Filleyand Joe Friedman represented the buyer. More acquisitions in thearea could be on tap in the near future for MGP. Scott adds thatthe new owner of Shirlington Gateway is "a very strong local playerthat is interested in the suburban Washington, DC markets inVirginia and Maryland."