Quincy Crossing Sells for $34M

ARLINGTON, VA-Just a year old, the office building at 801 N. Quincy St., known as Quincy Crossing, has gotten a new owner. In a $34 million deal, San Mateo, CA-based Glenborough Realty Trust acquired the 107,000-sf property from Lennar Partners. The building has a current occupancy level of 85%, and counts among its tenants the American Association of School Administrators, the American Waterway Operators Association, and the US Department of Interior. County records list the office facility’s 2003 assessed value at $28 million. Quincy Crossing’s price tag of approximately $318 per-sf exceeds the average sales numbers for class A office properties in Northern Virginia by leaps and bounds. According to Delta Associates’ Third Quarter 2203 Office Market Report, the area’s average sales price for the year as of September 30 was $211 per sf.

Situated on a corner lot across the street from the Ballston Common Shopping Mall in the city’s Clarendon submarket, the Quincy Crossing office structure is part of a greater Quincy Crossing mixed-use project that includes a 123-unit apartment tower. In addition to the class-A office space, the seven-story property features ground-level retail space for a restaurant establishment, and a three-level underground parking garage capable of accommodating 200 vehicles. The first turnover in the office leases is not expected until 2012. “The purchase price of the property was $34.5 million and was funded using a combination of 1031 tax-deferred exchange proceeds from sale properties and a $22 million 10-year fixed rate loan from a life insurance company,” Glenborough officials note of the deal in the company’s third quarter earnings report.