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Lowe Acquires 517,305-SF Crystal City Office

CRYSTAL CITY, VA-The new owner is intrigued by the submarket's possibilities as BRAC gets under way and the local government markets itself to the private sector.

By Erika Morphy | Updated on February 04, 2008

CRYSTAL CITY, VA-A two-tower 517,305-sf office building here has traded for an undisclosed sum. Lowe Enterprises Investors, the investment management affiliate of Lowe Enterprises, has acquired Jefferson Plaza, from Equity Group Investments LLC on behalf of an investment client. Lowe Enterprises will assume management of Jefferson Plaza and oversee leasing activities. Warren Dahlstrom of Cushman & Wakefield represented the seller.

Gauging the closing price would be difficult, according to Tonya Ginter, director of Research and Marketing for GVA Advantis, as there have been few trades in Crystal City in recent months. Also, the building itself does not lend itself to an easy comparison–one of the towers is a class B structure, she says, and the other, class C. Ginter’s best guess is that “it probably traded anywhere from $350 per sf, to $400 per sf.” The closest comp was in Oct. 2006 when 2511 Jefferson Davis Hwy. traded for $306.37 per sf. In December 2006 4501 N. Fairfax Dr. traded for $493 per sf.

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