Falls Church Office Trades for $96M

FALL CHURCH, VA-Hart Realty Advisers Inc. has sold a class A office building here for $96.2 million on behalf of an institutional client who has owned the building for 10 years. The 14-story building, located at 3110 Fairview Park Dr., is 99% leased. Tenants include Claims Resolution Management Corp. and Reed Smith. The building is part of Fairview Park, a high-end office park that sits at the intersection of the Beltway and Route 50.

The 253,000-sf building is located in the relatively small Merrifield submarket, a part of Northern Virginia that is enjoying very low vacancy rates and strong investment sales. “It’s a very strong submarket,” John Molloy, managing partner of Investment Management with Hart Realty, tells GlobeSt.com. “There have been any number of comparable sales at sub 6 cap rates here recently. Pricing for this particular deal came in along the lines of our expectations.” He says the deal had been marketed for 60 to 75 days, with some 10 bidders making an offer.