Verizon Plaza Sells in $65M Deal

ARLINGTON, VA-One Verizon Plaza, formerly known as One Bell Atlantic Plaza, gets a new owner as global investment firm Carlyle Group sells the 353,000-sf building to real estate investment advisor RREEF Funds in a $64.8 million transaction. RREEF made the purchase on behalf of unidentified institutional clients. According to county records the structure has a 2002 assessed value of $69.4 million.

Located at 1310 N. Courthouse Road, the 12-story office building sits on an 87,000-sf lot in the city’s Clarnedon/Courthouse submarket and remains leased to Verizon. Arlington Square Corporation originally developed the property for telephone company C&P and then sold it to Bell Atlantic Properties, which was the phone company’s real estate and investment division, in 1986. Bell Atlantic later developed Two Bell Atlantic Plaza at 1320 Courthouse Road.