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MERRIFIELD, VA-BPG Properties Ltd. bought 8111 Gatehouse Rd. for $43.5 million, or $158 per sf, according to sources. The American Red Cross was selling the property which the company plans to vacant within 12 months. CB Richard Ellis has been named leasing agent of the property.

The Red Cross will remain in the 274,609 sf building under a short-term sale leaseback transaction. Once its headquarters in Washington, DC are completed the company will relocate freeing space in the building. CBRE’s Mike Pepper, Jeff Roman and Malcolm Schweiker are handling the leasing.

Roman tells GlobeSt.com that it has proposals out with potential candidates. The asking rate is going to be in the mid $30s per sf, he says. That is because the vacancy rate is so tight for the submarket, at the moment. “There is very little construction proposed here; only one building is delivering in 2008. Also we feel that with the new metro expansion into Tysons’ Corner that will begin in late 2007 there will be tenants looking to Merrifield.”

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