Office Facility Atop Retail Center Goes for $61M

ARLINGTON, VA-Forest City Enterprises Inc. has acquired Ballston Common Office Center, the 176,000-sf office structure that sits atop the 578,000-sf Ballston Common Mall. The Cleveland-headquartered real estate company paid seller the Realty Associates Fund IV LP $61.5 million for the eight-story class A office facility, which is currently 99% occupied by only three tenants.

Forest City already owns the companion four-story retail center that features a Hecht’s department store, a 12-screen movie theater and a health club. Forest City president and CEO Charles A. Ratner notes that “the fact that the office building is attached to our existing retail center is an opportunity for us to strengthen our office and retail portfolios simultaneously, and to achieve operating efficiencies at both properties.”