ING Takes Deed to NoVA Office Property for $105M

FALLS CHURCH, VA-ING Clarion Partners LLC has acquired 2980 Fairview Park, a 14-story office tower in the Fairview office park. The $105-million transaction is a joint venture between the ING Office Fund, a publicly traded property trust on the Australian stock exchange, and a public pension fund advised by ING Clarion. Each partner acquired a 50% interest in the building.

Typically both of these parties tend to invest in core assets, explains Robert Greer, managing director at ING Clarion. “But the opportunities were so good with this building, that we though the value-add component would complement the portfolios very well,” he tells GlobeSt.com.

The building is currently 84% occupied by Verizon, which is planning to vacate the building over a period of years. The new owners will invest about $2 million in a rehab to attract new tenants, Greer explains.