ING acquired the building from Hines as part of a three-property package deal that included two other single-tenanted facilities, a 218,000-sf office building in Houston and a 215,000-sf office property in Dallas, for an additional $93.4 million.

It was back in 2001 that a Hines fund constructed 3150 Fairview Park Dr. as a build-to-suit for Mitretek, a nonprofit scientific research and system engineering organization, with the intention of selling the fully occupied property for a desirable profit. Located on a nearly 16-acre parcel at the intersection of Route 50 and I-495, the steel, concrete and glass structure features eight stories of class A office space. Mitretek's 15-year lease on the building is not scheduled to expire until 2017.

The office market in Northern Virginia continues to be a hot ticket and is still high on investors' list, thus the property's sale price of $367 per-sf. In Northern Virginia, the average sale price for a class A office property for the first half of 2004 was $241.65, according to Advantis Real Estate Services Co.'s Mid-Year 2004 Office Report. For the seller, the timing was just right.