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AMS Building Fetches $55M

FAIRFAX, VA-The AMS Building--the 264,000-sf, class A office structure at 12601 Fair Lakes Circle--gets a new owner with Prentiss Properties Trust's $55-million purchase of the property from Gilbane Building Co. American Management Services has a lease on the entire building through 2011.

By Barbra Murray | Updated on November 21, 2002

FAIRFAX, VA-The class A office structure at 12601 Fair Lakes Circle has commanded $55 million in a deal between local developer Gilbane Building Co. and buyer Texas-based Prentiss Properties Trust. Known as the AMS Building–as it is completely occupied by consulting company American Management Services–the 264,000-sf building was a hot property in the very tight northern Virginia office market. The direct vacancy rate in the market is 12.1%, and in the city of Fairfax, the direct vacancy rate is 5.6%

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