Skanska Lands Arlington Development Site in $17.25M Deal
By Keith Loria October 16, 2019 10:52 am
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Skanska has purchased a development site at 3901 North Fairfax Drive in Arlington, Va., where it plans to build a nine-story, mixed-use building, according to Skanska.
The sales price on the transaction was $17.25 million, according to county records. The seller was Bernstein Management Corporation, Skanska said.
The site is one of the final ground-up, Metro-accessible development opportunities along the Rosslyn-Ballston Corridor, which added to its appeal, Mark Carroll, Skanska USA’s executive vice president of commercial development in Washington, D.C., told Commercial Observer.
When finished, the 201,000-square-foot building will feature 184,036 square feet of office space and an additional 10,280 square feet of ground-floor retail. The building, which is targeting LEED Gold certification, will take up a full block and boast glass-curtain walls.
“Its location and access to transit coupled with its design, future onsite and surrounding amenities and views make it unlike any other,” Carroll said. “It’s a significant development opportunity that we are excited to move forward on.”
Skanska is highly invested in the Greater D.C. region, with developments such as 2112 Penn, a 230,000-square-foot, 11-story office building in NW D.C.; and 99M, a 234,000-square-foot, Class A office property in the Capitol Riverfront neighborhood.
Amenities at 3901 North Fairfax will include a 4,000-square-foot outdoor rooftop terrace, a 1,700-square-foot second floor terrace, and a fitness facility, according to a prepared statement.
Situated within the Rosslyn-Ballston Corridor, 3901 North Fairfax is close by Clarendon, numerous restaurants, high-end retail and green space. It’s located near I-66 and North Glebe Road, and is walking distance to two metro stations—Virginia-GMU and Ballston-MU.
JLL (JLL)’s Jim Meisel, Walter Coker and Brian Crivella represented the seller in the deal. Skanska was represented in-house.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
