Virginia Square Trades for $52M

ARLINGTON, VA-Two years after developing the class A office building known as Virginia Square Plaza, New Boston Fund and the Meridian Group have handed the property over to Principal Financial Group in exchange for nearly $52 million. The 160,000-sf site cost $34 million or $214 per sf, to realize upon its July 2001 completion. Acting on behalf of the sellers, Spaulding & Slye marketed the property that, according to Arlington County records, has a 2003 assessed value of $38.5 million.

Indeed, there was a great deal of interest among hopeful buyers. “There was no asking price and the offer only went to 25 investors,” Spaulding & Slye Colliers capital markets associate James H. Molloy shares with GlobeSt.com. “At the end of the day, the top four of those investors were within $100,000 of each other in their bids.”