Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ARLINGTON, VA-A 206,992-sf office building in the Shirlington neighborhood has closed for $62.5 million, or $302 per sf. Paul Collins, Bill Collins, Drew Flood and James Cassidy of Cassidy & Pinkard Colliers represented the seller, Federal Capital Partners. Choi Cos. LLC is the new owner of the class A building located at 2800 Shirlington Rd.

According to Paul Collins, the 95% occupied building traded at a 6% cap rate. The price had been negotiated by the end of last year; however, with the turmoil in the capital markets it took longer than expected to get the necessary financing in place.

The deal is a welcome development, it hardly needs to be said, for the DC area, which has seen a substantial slowdown in investment sales this quarter, even compared to last quarter’s anemic growth. This transaction also bodes well for the I-395 Corridor specifically, Collins says, which took a hit in investor confidence after the details of the Department of Defense’s BRAC realignment were made public in 2006. Today, he says, “investors are clearly more confident in the viability of these submarkets. They feel confident that demand for space will be here over the long haul.”

Shirlington, a very small enclave in Arlington County, has received a wealth of real estate riches lately. In February the US Patent and Trademark Office signed a 10-year lease to occupy 168,468 sf at 2800 S. Randolph St., a 208,000-sf, nine-story office complex that Transwestern Monument Randolph Square LLC is expected to deliver in April. More recently, MacNeil/Lehrer Productions signed an 18,305-sf lease renewal at 2700 S. Quincy St.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • 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 © 2020 ALM Media Properties, LLC. All Rights Reserved.