FALLS CHURCH, VA. — The Northern Virginia office market continues its January hot streak with another big office deal. ING Clarion Partners has purchased 3150 Fairview Park, a Class A property located in Falls Church. The $90 million purchase was made on behalf of a commingled fund managed by the firm. The seller was Wakefield, Mass.-based Franklin Street Properties Corp.
The building contains 252,000 square feet over eight stories and is located within the Fairview Park master-planned community at the intersection of Interstate 495 and Route 50. It was constructed in 2001 as a build-to-suit for Boblis Systems, which is the building's sole tenant through January 2017. Amenities at the building include a conference center, a childcare facility and a three-level parking garage. Fairview Park also contains a 450-room Marriott hotel and conference center, the 2941 Restaurant and a 17-acre lake with 2.5 miles of walking trails.
“The resilience of the local economy in Northern Virginia-Washington, D.C., submarket has been demonstrated again through the most recent downturn,” said Marc DeLuca, director of ING Clarion, in a statement. “This resilience provides strong support for the area's office market and is particularly important to outstanding properties like Fairview Park.”
Last week, just north of Fairview Park in Tysons Corner, Va., PS Business Parks acquired a seven-building office portfolio from Cityline/DLJ Real Estate Capital Partners for $140 million. The portfolio contains 736,446 square feet of Class A office space.
ING Clarion has been pretty busy itself in the market. Last month, it closed on the acquisition of Millennium at Metropolitan Park, a 300-unit apartment community located in Arlington, Va., for $118.5 million.
— Coleman Wood