Air & Space Forces Association Sells Arlington HQ for $16M
By Keith Loria June 21, 2023 5:10 pm
reprints
The Air & Space Forces Association (AFA) has sold its longtime headquarters in Arlington, Va., in a $16.25 million deal.
AFA is a nonprofit education organization promoting the U.S. Air Force and U.S. Space Force.
An entity called Taicoon 1501 Langston LLC acquired the 85,422-square-foot building at 1501 Langston Boulevard, and leased back 28,715 square feet to the AFA in a short-term leaseback as the association looks for a new home.
AFA acquired the land for the building in 1982 for approximately $980,000, according to public records. The building was constructed two years later.
“The building has served our association very well for many years,” Gen. Bruce Wright, AFA’s president and CEO, said in a prepared statement. “But as we have evolved it, it has become clear that the AFA of today, and especially tomorrow, has different needs than those of 40 years ago. A more modern and flexible facility will enhance our operational capability and open new doors to growth in the future.”
The rest of the building is currently 79 percent leased to 10 other tenants, including The Association of Union Constructors, an ADHD testing center, and the nonprofit Road Runners Club of America.
The property sits on 1.3 acres in Arlington’s Rosslyn-Ballston Corridor.
Mindy Saffer and Natalie Gosnell of Cresa, along with Stream Realty Partners’ Matt Pacinelli and Charlie Smiroldo, represented AFA in the sale. It was unclear who represented the buyer.
Keith Loria can be reached at Kloria@commercialobserver.com.
