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REIT Finds Third Buyer for Falls Church Asset After Two Failed Purchase Attempts

FALLS CHURCH, VA--This new buyer is interested in developing a mixed-use development at the property.

By Erika Morphy | erikamorphy | Updated on June 07, 2016

Pender Business Park Pender Business Park

FALLS CHURCH, VA–The Newton, MA-based Government Properties Income Trust has found a buyer for an office building it owns in Falls Church, VA. The 164,746-square foot building, which has a net book value of $12.3 million, is under contract for $14.8 million, excluding closing costs, president and COO David Blackman told listeners during the REIT’s first quarter earnings call. The deal is expected to close in the first quarter of 2017, subject to the buyer’s due diligence and other factors.

The prospective buyer is a group looking at what Blackman called a market-appropriate mixed-used development. He described the group as a long-time Washington, DC-area-based developer.

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