Real Estate

1
Lincoln Place
600-700 Army-Navy Drive
Arlington
$156 million
Buyer: Lend Lease Real Estate Investments
Seller: Lehndorff/La Solana Associates

Details: Built in 1988, Lincoln Place is a two building, 12-story office complex on 600 and 700 Army-Navy Drive in Pentagon City. The property’s 543,600 square feet are fully leased to the General Services Administration through 2008. The major tenant is the Drug Enforcement Agency, which has been there since 1988. Atlanta-based Lend Lease, a pension fund adviser, purchased Lincoln Place in September on behalf of the California State Teachers’ Retirement System. Lehndorff/La Solana, a partnership between Sumitomo Realty & Development and L&B Realty Advisors, purchased the building in 1988. At its cost of $303 per square foot, this transaction may hold the Northern Virginia record for some time. CB Richard Ellis brokers represented both sides in the deal.

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2
1676 International Drive
Tysons Corner
$68 million
Buyer: Brandywine Tysons International Partners
Seller: Commonwealth Atlantic

Details: This 12-story, 295,384-square-foot signature office building in Tysons Corner is new construction, with 295,384 net rentable square feet. It’s 100 percent leased and serves as the world headquarters for KPMG. Major tenants include Davis Carter Scott, an architectural/interior design firm, and the law firm of Shaw Pittman. The buyer is a joint venture created by Brandywine Realty Trust, Baita International and Nurnberger Life Insurance Co.

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3
Three Ballston Plaza
1100 North Glebe Road
Arlington
$62 million
Buyer: Cornerstone Real Estate Advisors
Seller: CarrAmerica Real Estate Services

Details: The buyer is a wholly owned subsidiary of Springfield, Mass.-based Mass Mutual Life Insurance. Three Ballston Plaza is a 16-story, 309,000-square-foot building in the bustling Rosslyn office area. The building was completed in 1990. Tenants include CACI International, Science Appli-cations International Corp. and Nixon & Vanderhye. Stephen Conley and John Duffy of Transwestern/Carey Winston represented CarrAmerica in the deal.

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4
West*Gate Office Park
7525 Colshire Road
McLean
$57.9 million
Buyer: Mitre Corp.
Seller: West*Group Properties

Details: Mitre Corp. purchased the 310,000-square-foot, six-story Hayes Building and 16 acres. Mitre conducted a search to locate its headquarters and decided to purchase this building, which it had been leasing. Construction on a 300,000-square-foot, six-story building on the accompanying land has begun. Mitre’s headquarters will be next to Litton/PRC headquarters; the latter signed a 15-year lease in the West*Gate Office Park in July.

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5
Tycon Courthouse
2070 Chain Bridge Road
Vienna
$57.5 million
Buyer: The Carlyle Group
Seller: CarrAmerica Real Estate Services

Details: Tycon Courthouse was built in 1983. The six-story Class A building had an award-winning renovation in the 1990s. Primary tenants in the 441,754-square-foot building include EMC Corp., 3Com, Wheat First Union and GSA.

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6
International Place
1735 North Lynn St.
Arlington
$55 million
Buyer: JBG Cos./J.E. Robert Cos.
Seller: London & Leeds Realty, New York

Details: District-based JBG Cos. teamed with McLean-based J.E. Robert Cos. to buy the 273,791-square-foot Inter-national Place building at the corner of North Lynn Street and Wilson Boulevard in Rosslyn. Jim Luck and Doug Fleit at Cushman & Wakefield’s D.C. office brokered the deal for London & Leeds. JBG and J.E. Roberts have also teamed up for some other major projects in the region, including the 1 million-square-foot Potomac Center in Southwest Washington, D.C., the first phase of which is to be completed in 2002.

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7
1801 Campus Commons Drive
Reston
$53.2 million
Buyer: Clarion Partners
Seller: Opus East LLC

Details: This building in the Campus Commons office park, just off the Dulles Toll Road, was completed in 1999. It is a five-story, 244,000-square-foot Class A office structure, fully leased. The anchor tenant is Siemens. New York-based investment advisors Clarion Partners, a wholly owned subsidiary of ING Group of The Netherlands, purchased the building on behalf of an unnamed institutional client for investment purposes.

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8
Sheraton Premiere
8661 Leesburg Pike
Tysons Corner
$52.9 million
Buyer: FelCor Lodging Trust Inc. and Starwood Hotels & Resorts
Seller: SRS Properties

Details: This 437-room Sheraton is undergoing an extensive $5.3 million renovation begun by SRS Properties. The renovation is expected to be complete by midyear. The hotel, 10 minutes from Dulles International Airport, features more than 35,000 square feet of meeting space, a business center, and fitness and recreational facilities. FelCor Lodging Trust owns 12 Starwood-branded hotels, and its total hotel portfolio consists of 188 hotels. Starwood, through its subsidiaries, owns, manages and franchises approximately 700 hotels in 76 countries. Fairfax-based Molinaro Koger handled the transaction between Starwood and SRS Properties.

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9
Five-building portfolio
Fairfax County
Reston and Herndon
$42.6 million
Buyer: Meridian Group
Seller: AEW Capital Management

Details: The 330,000-square-feet in this five-building portfolio were fully leased at the time of the sale. The portfolio included four three-story, Class A office buildings in Reston encompassing 171,607 square feet. The buildings were Audubon II and III and Oakbrook Building on Preston White Drive in the Branches Office Park. Tenants include TRW, Apple Computer and Spot Image.

The other Reston property is on Campus Commons Drive. The fifth building, International Point Building in Herndon, is a two-story, 159,663-square-foot Class A office building with Boeing as tenant. The properties are all within six miles of Dulles International Airport. Secured Capital Corp. acted as the seller’s exclusive agent in the transaction. AEW held the portfolio on behalf of Developmental Properties Account, a fund managed by AEW on behalf of a number of institutional investors.

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10
The Jefferson at Van Dorn
Alexandria
$39.1 million
Buyer: Principal Capital Management, Des Moines
Seller: Prudential Real Estate Investors

Details: This 360-unit Class A multifamily apartment complex is situated on nearly 13 acres. The complex, which is 98 percent occupied, is known for its luxurious amenities, which include an executive business center, lap pool with Jacuzzi, resort-style swimming pool, fitness facility, and basketball and racquetball courts. The Jefferson contains 383,730 square feet of gross building area, 10,697 square feet in community clubhouse buildings and 18,378 square feet of balcony space. The complex was completed in 1995.

Richard Cooney II, vice president at New York-based Rockwood Realty Associates, negotiated the transaction on the seller’s behalf. (Although this deal was listed in a previous report, it did not close until January 1999.)

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This report was compiled by Marjolijn Bijlefeld.