Ballston Office Building Trades For Record-Breaking $73.5 Million

25 May, 2005, Washington DC

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.

*****

Cushman & Wakefield is the world's largest privately held real estate services firm. Founded in 1917, the firm has 175 offices in 50 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133.

*****

Contact: Louise Ferreras
703-281-1703
louise@theventuresgroup.com

back to real estate News & Events

Printer Friendly Version