Newmark Knight Frank (NKF) announces the sale of 3170 & 3180 Fairview Park in Falls Church, VA for $87,500,000. NKF was the sole broker on the transaction between the seller, an affiliate of Marcus Partners, and buyer Vanderbilt Properties. NKF Executive Managing Directors James Cassidy and Jud Ryan along with Vice President Cliff Cummings represented the seller in the transaction while NKF Vice Chairman, Debt and Structured Finance, Joe Donato and Managing Director Kassi Saridakis worked with the buyer on the financing of the acquisition.
“Despite the many unknowns during this time, we knew that once our team went to market with the property that the product would speak for itself,” said Ryan. “Our team was blown away by the interest we garnered, and we received pricing higher than pre-COVID-19 expectations.”
The 284,333-square-foot property is located at 3170 & 3180 Fairview Park Drive in Falls Church, VA. It is 98% leased to four creditworthy tenants including General Dynamics Information Technology, Capital Caring Health, Sheet Metal Workers’ National Pension Fund and Balfour Beatty, with a weighted average lease term of 11 years.
“Marcus Partners executed an outstanding renovation of the asset, including an amenity package that truly exceeds anything else we’ve seen in the market for properties of this scale–arguably one of the best assets out there,” said Cassidy. “Today, as more investors flock to quality assets with credit tenants, we believe that this acquisition will prove itself to be a great addition to Vanderbilt’s portfolio as they continue to expand in the region.”
In 2020, Marcus Partners completed an unprecedented, headquarters-quality renovation that includes over 25,000 square feet of amenities, featuring a farm-to-table café with outdoor terrace and fire pit, a high-tech 100-person auditorium, a 100-person conferencing facility, a best-in-class fitness club with training studio and spa-quality locker rooms, and
collaborative indoor and outdoor seating areas. These improvements drew significant new demand that
resulted in approximately 100,000 square feet of leasing in less than one year and rent growth of 25% over the same period.
3170 & 3180 Fairview Park is located in Northern Virginia, and specifically, Fairfax County, the largest county in the Commonwealth of Virginia and an area whose economy has been firing on all cylinders in recent years due to the historic growth in the technology and government contracting sectors. The region is home to the largest and fastest growing data center market in the world, making it the nexus location for technology growth for the foreseeable future. The property benefits from outstanding accessibility off the I-495 beltway, its proximity to the nearby amenities at the Mosaic district, and easy access to major regional demand drivers, including the Pentagon, the CIA, the National Reconnaissance Office (NRO), INOVA Hospital, Amazon HQ2, Virginia Tech’s Innovation campus and Washington Dulles International and Reagan National Airports. Northern Virginia is poised to continue this growth as corporations continue to seek out its highly-skilled labor pool and lower taxes than both Washington, DC and Maryland.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), 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, NKF’s 18,800 professionals operate from approximately 500 offices on six continents. NKF’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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