ARLINGTON, VA-LCOR has purchased the235,000-square foot building at 400 Army-Navy Dr.here for an undisclosed price. An LLC was the seller andCushman & Wakefield brokered thetransaction.

C&W's Eric Berkman says there wastremendous demand for the property even though it is vacant.LCORplans to tear down the building and develop multifamily units. Theprevious owners are long-standing Washingtonian families, Berkmantells GlobeSt.com.

The building went 100% vacant in February thanks to BRAC atwhich point the owners approached C&W and asked them to marketit. "LCOR gave us offer not subject to any type of plan amendment.More than anyone they understood potential and uniqueness of thebuilding. I think they will develop an exciting project."

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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.

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