Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.