Fully Leased Fairfax County Building Sells for $22M

CHANTILLY, VA-Corporate Pointe III, a 114,000-sf class A office building in Westfields Corporate Center, sold for $21.7 million. Corporate Office Properties Trust acquired the four-story structure from MedMarc Mutual Insurance Co., which bought the property from its developer, Akridge, four years ago.

The new purchase marks Corporate Office’s third acquisition in Northern Virginia this month. Just last week in a $112.5 million transaction, the Columbia, MD-based REIT bought 1751 and 1753 Pinnacle Dr., two office facilities accounting for a total of 440,000 sf of space in Northern Virginia’s burgeoning Tysons Corner submarket.