The sellers relied on Transwestern Commercial Services for representation, while Cambridge Property Group repped the buyer. Located in the I-395 corridor near the Pentagon and Washington Reagan National Airport, the buildings were developed between 1985 and1988.
Over one-third of the portfolio's tenant roster consists of government offices and government contractors. Agreements on approximately 31% of the leased space are scheduled to expire in 2008, leaving the new owner with the potential to release that space and currently vacant space at market rates. The current average rental rate for class A properties in Alexandria, as per Cushman & Wakefield's MarketBeat Series Year-End 2005 report, is $30.29 per sf. According to Transwestern's summary report on the buildings, total average market rents are about 5.8% over average in-place rents.
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