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ARLINGTON, VA-One Ballston Plaza in the Rosslyn Ballston Corridor has traded for $49 million. Bethesda, MD-based Meridian Group acquired the 142,833-square-foot building at 1010 N. Glebe Rd. from TA Associates of Boston. Eastdil Secured was the broker in the transaction.
An eight-story building that delivered in 1986, One Ballston has 13 tenants, including government contractors, private firms and national associations. More importantly, it is located in one of the best-performing submarkets in the DC area.
The RB Corridor has a robust pipeline of residential projects under development, further placing what available office space there is at a premium. Not surprisingly, given the RB Corridor’s fundamentals, a wide range of investors were interested in the building, John Kevill, managing director of Eastdil, says.
One recent office trade in the RB Corridor was Penzance’s acquisition of 1555 Wilson Blvd. last year. It was an approximately $67-million purchase made via a JV with an institutional partner. Penzance VP Matt Pacinelli told GlobeSt.com at the time that it planned to differentiate 1555 Wilson Blvd. by promoting relatively low asking rates for the building.
Eastdil was unable to return a call to GlobeSt.com in time for publication.
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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.
