One of the buildings, 1761 Business Center Dr. known as Lake Fairfax IV, is a four-story, class A 94,550-sf office building recently vacated by the sole tenant that had occupied the entire space. ACP, which is still determining the costs involved, plans to renovate the lobby common area and landscaping in early 2007.
"It is likely that the tenant will be of a similar caliber to the companies that already reside in the park, which are Fortune 500 firms and government agencies," Fleit says. The asking rent for the building, which is the only vacant one in the park according to Fleit, will be between $31 to $32 per sf.
The second building, Lake Fairfax VIII, is a four-story building roughly the same square footage as Lake Fairfax IV and located at 1768 Business Center Dr. It is fully occupied by Raytheon Co.
ACP owns about 11 million sf of office and retail product along the Eastern Seaboard; four million sf in the Mid-Atlantic area; and two million sf in the Washington-Baltimore area. One of the reasons why the company acquired these two particular buildings is that it has additional holdings along the Dulles Toll Road: South Pointe I and II and Plaza Ridge II, all three in Woodland Park.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
