Virginia Square Office Property Brings in $64M

ARLINGTON, VA-A $64.2 million transaction has dropped Virginia Square Plaza into the hands of new owner LaSalle Investment Management. Relying on real estate services firm Holliday Fenoglio Fowler LP to secure a buyer, seller Principal Financial Group disposed of the 158,000-sf class A office property a little over one year after having acquired it from developers New Boston Fund and the Meridian Group for nearly $52 million. The building and the nearly one-acre parcel it occupies have a combined current assessed value of approximately $51 million, according to Arlington County records.

Virginia Square Plaza is a young property, having been developed in 2001 for $34 million. Carrying the address of 3811 North Fairfax Dr. in the bustling Rosslyn/Ballston corridor just outside of Washington, DC, the office building sits just a stone’s throw from the Defense Advance Research Projects Agency and the Virginia Square Metro station. Today, the 10-story structure–which also features 5,000 sf of ground-level retail, and a three-level underground parking garage with more than 250 spaces–is 100% leased predominantly by government contractors, including such notables as Booz-Allen Hamilton, CACI Dynamic Systems, SAIC, SRAInternational and Schafer Corp.