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ARLINGTON, VA-Forest City Enterprises Inc. has acquired Ballston Common Office Center, the 176,000-sf office structure that sits atop the 578,000-sf Ballston Common Mall. The Cleveland-headquartered real estate company paid seller the Realty Associates Fund IV LP $61.5 million for the eight-story class A office facility, which is currently 99% occupied by only three tenants.

Forest City already owns the companion four-story retail center that features a Hecht’s department store, a 12-screen movie theater and a health club. Forest City president and CEO Charles A. Ratner notes that “the fact that the office building is attached to our existing retail center is an opportunity for us to strengthen our office and retail portfolios simultaneously, and to achieve operating efficiencies at both properties.”

Carrying the address of 4200 Wilson Blvd., Ballston Center sits off Interstate 66 just four miles from Washington, DC. The Better Business Bureau, IT training and software solutions provider Global Knowledge and the US Coast Guard make their home at the property. The Coast Guard is the lead tenant with 80% of the structure under lease for its National Pollution Fund command and the personnel department.

“We acquired the building because we believe in the future of the mall and the market,” says Mark Siegel, Forest City executive vice president of portfolio. “Washington is one of our core markets and office/retail is one of our core assets, so the acquisition was a natural fit with our portfolio and the way we want our business to grow.”

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