600,000-SF Office-Retail Complex Sells

ARLINGTON, VA-Century Center–a two-building office and retail complex in the bustling Washington, DC submarket known as Crystal City–has just been sold. Lowe Enterprises Investment Management and its affiliate, Lowe Enterprises Real Estate Group, acquired the 600,000-sf property from Crystal Partners LP and RB Hayes Partners LP. The parties involved are remaining hush about the financial terms of the deal, but the purchase price is rumored to have been in the neighborhood of $120 million.

Developed in 1973, the 12-story Century Center towers boast a prime location linked to a Metro station in a burgeoning corridor of Crystal City. Century Center 1 carries the address of 2450 Crystal Dr. and is the larger of the two buildings with 326,000 sf of office space atop 40,000 sf of retail. Century Center 2 sits at 2461 Clark St. and features 195,000 sf of office space and 30,000 sf in retail offerings. As much as the property has to offer, the new owners will enhance Century Center’s attributes via a vast renovation and repositioning program.