Ballston office building sells for $175.6 million
- March 5, 2013
Piedmont Office Realty Trust Inc. has purchased an office tower in Ballston for $175.6 million, or about $526 per square foot.
Transwestern’s Washington, D.C.-based Institutional Commercial Group announced Tuesday that it had brokered the sale of Arlington Gateway, a 12-story,
333,948-square-foot office building at 901 N. Glebe Road. Atlanta-based Piedmont bought the building from Arlington Gateway Investors LLC.
Arlington Gateway offers access to Interstate 66 at Fairfax Drive. According to Transwestern, the LEED gold-certified building was 99 percent leased at the time of sale.
“The sale of Arlington Gateway represents a highly successful transaction for both parties,” Transwestern’s Gerry Trainor, who represented the seller, said in a statement, “We achieved excellent pricing for our client while providing Piedmont the opportunity to execute its expansion plan into the Washington, D.C., region with a trophy asset that has strong cash flow.”
Piedmont Office Realty Trust is self-managed real estate investment trust (REIT) that specializes in the ownership and management of Class A office buildings located primarily in the ten largest U.S. office markets.