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LMH Realty JV Acquires Park Place

ARLINGTON, VA-Park Place--the 167,00 sf building on Fort Myer Drive in the Rosslyn area--is snapped up by a joint venture between LMH Realty Group an affiliate of Chicago's Walton Street Capital. The 19-year-old building has an assessed value of $25.1 million

By Barbra Murray | Updated on February 13, 2002

ARLINGTON, VA-LMH Realty Group, the investment arm of Bethesda, MD’s Lerner Enterprises has partnered with an affiliate of Chicago, IL’s Walton Street Capital to purchase Park Place from Gateway Virginia Properties. Located in the Rosslyn submarket of Arlington County, the 167,000-sf building at 1655 North Fort Myer Drive carries an assessed value of $25.1 million. The parties involved are not releasing the amount paid for the building.

A 19-year old structure, Park Place offers 13 floors of office space, including about 9,500 sf of first-floor retail space. There is also room for 166 indoor parking spaces. Building tenants include National Venture Capital Assoc., Executive Transitions International, Inc., and Alliance Business Centers. Insignia/ESG will stay on as the property’s exclusive leasing agent, and Lerner Corp. will serve as manager. Speaking to GlobeSt.com, LMH Realty’s Michael S. Hillman says, “the Rosslyn area is really going through some changes for the better right now.” He continues, “we’re hoping to capture some of the upside from the tightening of the market.” In a statement on the acquisition, company principal Jonathan H. Morris adds that “the combination of experienced ownership and Lerner management will successfully transform Park Place into a Class ‘A’ property.”

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