(Read more on the multifamily market.)
RESTON, VA-Paramount Realty Group has sold out its latestNorthern Virginia office condo conversion project located inSunrise Oak Professional Park at 1801 Robert Fulton Dr. JoanneHarwood and Ken Traenkle, brokers with the Reston office of RandallHagner Commercial, represented Paramount in the sales negotiations,which numbered 25 by the time the 87,000-sf, class A building wassold out.
Individual condominium offices range from 1,500 sf to 7,500 sfwith the typical office condo taking up 3,000 sf. Tenants tended tobe IT organizations that wished to be in the tech epicenter that isReston, Traenkle tells GlobeSt.com. Condos traded from an averageof $290 per sf and then tiered up to sales prices that were as highas $325 per sf.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
