A joint venture between Estein USA and Vanderbilt Office Properties has acquired 3170 and 3180 Fairview Park, a 175,000-square-foot office building complex in Falls Church, Va., for $87.5 million.
Marcus Partners, which acquired the property in 2017, sold the building after making capital improvements that included the addition of high-end eatery Bistro in the Park, a 5,000-square-foot fitness facility and a 100-seat auditorium with an additional 100-seat conferencing facility.
Newmark Knight Frank was the sole broker on the transaction.
“3170 and 3180 Fairview signifies another highly successful repositioning and lease-up strategy for our firm,” Andrew Dolinsky, Marcus Partners’ principal and regional director for Washington, D.C., told Commercial Observer. “Upon stabilization of the asset, we aim to then realize these accomplishments for the benefit of our investors.”
The six-story campus was completed in 1987, and is located in close proximity to the popular Mosaic District.
“For an investor, the property represents a stable and reliable stream of future cash flows, located in the highly desirable Metro D.C. market,” Dolinsky said. “Further, the location of the buildings within a spacious and health-and-wellness-oriented park is appealing in light of the ongoing global health concern.”
The property is currently 98 percent occupied and includes notable tenants General Dynamics Information Technology, Capital Caring Health, Sheet Metal Workers’ National Pension Fund and Balfour Beatty.
NKF executive managing directors James Cassidy and Jud Ryan along with vice president Cliff Cummings represented the seller in the transaction, while the firm’s vice chairman for debt and structured finance, Joe Donato, and managing director Kassi Saridakis worked with the buyer on the financing of the acquisition.