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ARLINGTON, VA-A $64.2 million transaction has dropped Virginia Square Plaza into the hands of new owner LaSalle Investment Management. Relying on real estate services firm Holliday Fenoglio Fowler LP to secure a buyer, seller Principal Financial Group disposed of the 158,000-sf class A office property a little over one year after having acquired it from developers New Boston Fund and the Meridian Group for nearly $52 million. The building and the nearly one-acre parcel it occupies have a combined current assessed value of approximately $51 million, according to Arlington County records.

Virginia Square Plaza is a young property, having been developed in 2001 for $34 million. Carrying the address of 3811 North Fairfax Dr. in the bustling Rosslyn/Ballston corridor just outside of Washington, DC, the office building sits just a stone’s throw from the Defense Advance Research Projects Agency and the Virginia Square Metro station. Today, the 10-story structure–which also features 5,000 sf of ground-level retail, and a three-level underground parking garage with more than 250 spaces–is 100% leased predominantly by government contractors, including such notables as Booz-Allen Hamilton, CACI Dynamic Systems, SAIC, SRAInternational and Schafer Corp.

“Due to the fact that many tenants in the building require close proximity to DARBA, there is a high likelihood of renewal and therefore, a long-term surety of cash flow,” HFF senior managing director John Duffy says. Duffy and HFF senior managing director Stephen Conley and director James Kraft orchestrated the sale of the property. “In addition, most of the tenants have invested significantly in their build-out.” LaSalle Investment Management represented itself in the transaction.

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