Verizon Tower Trades For $105 Million
4 Oct, 2007, Washington, DC
Cushman & Wakefield’s Capital Markets Group has negotiated the $105 million sale of Verizon Tower in northern Virginia’s Fairview Park office campus. A joint venture of ING Real Estate and Tennessee Consolidated Retirement System (TCRS) purchased the property.
The sale, negotiated on behalf of the Verizon, is Washington's largest investment sales transaction to bid and close since the capital markets tsunami in early August. Verizon will lease back portions of the 333,400 square-foot building over the next five years. Verizon currently occupies 84 percent of the 14-story property. ING plans to reposition the Falls Church Virginia property into a multi-tenant building.
“This sale reflects the strength of the property, its location and the leasing market in Northern Virginia,” said Warren Dahlstrom of Cushman & Wakefield. “ING and their partners are excited about the opportunity to add value through a complete releasing of the property. The risk inherent in this task is mitigated by strong tenant demand and rising rents,” continued Dahlstrom.
For more information, contact Warren Dahlstrom of Cushman & Wakefield at 202-467-0700.
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Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 201 offices in 55 countries around the globe, and 12,000 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, or visit the firm’s Web site at www.cushmanwakefield.com.
Contact: Louise Ferreras