Newmark announced today that BoundTrain Real Estate (BoundTrain) has acquired a two-building, 410,197-square-foot portfolio, located at 6400 and 6402 Arlington Boulevard for $38.1 million. Newmark Executive Managing Directors James Cassidy and Jud Ryan and Associate Cliff Cummings represented the seller, Falls Church Corporate Center LLC.
The value-add profile generated significant interest from the investment community, and new ownership’s plans will transform the asset,” said Newmark’s Ryan. “We are excited to sell BoundTrain its first acquisition in the Washington, DC metro area and feel they will be an excellent steward of this portfolio.”
6400 and 6402 come together as one of the most prominent office properties in the Falls Church market. The two 13-story office towers share 360-degree panoramic views of Northern Virginia. The portfolio is 73 percent leased by a diverse rent roll. Located within the Seven Corners commercial district, the asset is located one mile from I-66 and the East Falls Church Metro Station and benefits from 570,000 square feet of walkable retail amenities. Onsite tenant amenities include a fitness center located in the 6400 Arlington building and a conference center located on the 11th floor of the 6402 Arlington building.
“The 6400 and 6402 portfolio is the ideal asset for BoundTrain’s first acquisition offering tenants a unique high-value opportunity to enjoy trophy-class amenities in a prominent location,” said BoundTrain Founder and Managing Principal Michael Klein. “We look forward to being an owner and an occupant in the newly renovated building and look forward to developing strong relationships with each of our tenants,” added Klein, who founded BoundTrain in 2018.
“We’ve partnered with Newmark’s Jeff Tarae and Dominic Orcino to execute an aggressive leasing strategy in line with BoundTrain’s renovation plans and marketing initiatives for the buildings,” added Klein. The firm plans to complete renovations to the common indoor and outdoor areas and will introduce spec suites.
Newmark Managing Director Jeff Tarae, Associate Dominic Orcino and Brokerage Services Coordinator Nina Moses have been hired to lease the buildings with marketing efforts led by Regional DC Marketing Director, Alicia Karr. BoundTrain has retained Transwestern to manage the property.
About BoundTrain Real Estate
BoundTrain Real Estate is a private real estate investment firm, founded by Michael A. Klein in 2018 to pursue value-add and opportunistic real estate transactions throughout the Washington D.C. market, along with select other markets in the Eastern US. BoundTrain is an entrepreneurial firm with a stated goal to find and execute on sound long-term real estate opportunities by utilizing its market knowledge and resources, strategic top down and bottom up approach to selecting opportunities and markets, data-driven analysis and rigorous underwriting. The result will be a high-level of service to both tenants and clients and excellent returns to investors.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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