Cushman & Wakefield has negotiated the sale of Stafford Place II, a 175,000 square foot
office building at 4121 Wilson Boulevard in Arlington, Virginia for Lord Baltimore Properties,
owner of the building. Cushman & Wakefield's Warren Dahlstrom, Jim Luck, Martin
"Chip" Ryan, and Stewart Calhoun represented Lord Baltimore in the sale of the
property to D.C.-based Dweck Properties. The $420 per square foot sale is the highest price
paid for a commercial office building in the Ballston submarket.
Stafford Place II was built in 1999 and has been owned by Lord Baltimore since that time The
National Science Foundation (NSF) currently leases 35 percent of the available space, which is
adjacent to their headquarters at Stafford Place I. The science, education, and research
agency's lease at Stafford Place II expires in 2015. Gates Hudson of Fairfax will handle
leasing and CarrAmerica will provide engineering services for the new owners.
The purchaser, Dweck Properties, recently purchased two other Ballston buildings, the brand
new, Class A, $125 million ($385 per square foot), Arlington Gateway from the JBG Companies
(brokered by Holliday, Fenoglio, & Fowler) and the $61 million ($275 per square foot)
Ballston Metro Center (brokered by Jones, Lang, LaSalle). "Stafford Place II is one of the
nicest 6-year-old buildings in the Rosslyn-Ballston corridor. Achieving a record price was the
owner's challenge to us and we were pleased to oblige," said C&W's Warren Dahlstrom.
"The only discouraging word was heard from the two unsuccessful bidders who offered an
equal price, but had a contingent study period. Ralph Dweck went at-risk immediately with a
non-contingent contract. I'm sure he didn't want to forgo a study period but the keen
competition made that his only winning alternative," continued Dahlstrom.
In the past 12 months, the same Cushman & Wakefield team has sold 4200 Wilson Boulevard,
the Ellipse at Ballston (4350 North Fairfax Drive), and Commonwealth Tower (1300 Wilson
Boulevard, Rosslyn). The team is currently marketing Park Place in Rosslyn.
For more information, contact Warren Dahlstrom at Cushman & Wakefield, 202-739-0364.
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