Premier Companies Picks Up Pender Office Plaza in Fairfax for $12M
By Keith Loria June 29, 2021 3:58 pm
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The Premier Companies has acquired a five-story office asset from Pender Properties in Fairfax, Va., for $12 million, Commercial Observer has learned.
The 104,493-square-foot property at 3701 Pender Drive, formerly called Pender Plaza, will be renamed the Premier Corporate Center.
Pender Properties acquired the property in 2017 for $9.3 million, according to property records.
Newmark represented the buyer in the transaction, and will manage the leasing of the property.
“The purchase of 3701 Pender Drive is a great investment for Premier. It provides just the sort of value-add opportunity that Premier seeks and excels at operating,” Larry FitzGerald, a Newmark (NMRK) executive managing director, said.
Premier plans spend money enhancing the property, including adding amenities, such as a new fitness center, prebuilt suites, a tenant lounge and cafe area.
“The designs are complete, and we’re now in for permits—hoping to finish the work before the end of the year,” Jonathan Cutler, Premier’s principal, said in a statement. “And our brokerage team at Newmark has hit the ground running. We’ve already had quite a few tours, and our improvement plans are generating some excitement with both existing and prospective tenants.”
The building’s tenant roster includes the Commonwealth of Virginia, NVR, and Siber Systems.
According to FitzGerald, expectations are for a quicker-than-average office market recovery during the remainder of 2021 and beyond in Northern Virginia, supported by Newmark research that shows a lack of construction and a high pre-lease rate compared to prior cycles.
Joining FitzGerald on the deal was Newmark director, Cole Spalding. Ryan Lopez, a director from Cushman & Wakefield, represented the seller.
