Falls Church Office Property Commands $97M
By Keith Loria March 31, 2020 4:08 pm
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Menlo Equities has acquired 2941 Fairview Park Drive, a 367,349-square-foot office building in Falls Church, Va., according to JLL (JLL), which represented both parties in the transaction.
Neither the seller or price were disclosed, but public records revealed the deal was for $97,590,406 and the seller was listed as 2941 Fairview LLC.
“The property was appealing as it represented the opportunity to purchase a trophy-quality office asset with an exceptional in-place roster of corporate tenants, including serving as the new North American headquarters for BAE Systems,” Max Sanford, Menlo Equities’ vice president, acquisitions and asset management, told Commercial Observer. “The property is the highest-profile building in Fairview Park and offers tenants a high-image work environment including multiple onsite dining options and walking/jogging outdoor areas.”
At 15 stories, the building is part of the 220-acre Fairview Park office park. It’s currently 94 percent leased with an average remaining lease term of eight-plus years. Aerospace and defense giant BAE Systems will be moving into the building sometime this year after signing a 135,000-square-foot lease in 2018.
“This fits within our company’s philosophy of purchasing high-quality assets in dynamic regional economies that are attractive to corporate tenants and appeal to a wide base of tenants and users,” Sanford said. “We will undertake some modest renovations to the campus and look to add amenities to enhance the onsite tenant experience.”
The location within Fairview Park offers convenient access to the Beltway and the regional highway system allowing companies to pull in employees from throughout the Northern Virginia and greater Washington, D.C., region.
“Additionally, the property’s direct access to the DHA Headquarters, the new Inova campus and the Merrifield Mosaic District and Dunn Loring-Merrifield metro stop were important factors in the purchase of the property,” Sanford said.
JLL’s Senior Managing Director Bill Prutting was the sole broker involved in the transaction.
