Alexandria office buildings sell for $31.5 million
- July 14, 2014
Bethesda, Md.,-based Finmarc Management Inc. has purchased Waterfront Center I and II in Alexandria for $31.5 million. The two adjacent office buildings are located at 801 N. Fairfax St. and 209 Madison St.
Totaling 148,480 square feet, Waterfront Center is located a block from the Potomac River, within a five-minute drive of Ronald Reagan National Airport and 10 minutes from Washington, D.C.’s Central Business District. Currently 69 percent leased, the center provides Finmarc the opportunity to create value in the short term through the lease-up of the buildings’ existing vacancy, while providing long-term redevelopment opportunities.
“The transaction achieved the strategic goals of both parties,” Gerry Trainor, executive managing director at Transwestern, said in a statement. “Finmarc adhered to its value-add strategy with the acquisition, which was accomplished through a 1031 exchange.”
Transwestern represented both the buyer and seller in the transaction, with the seller, Gates Hudson, assisting in its own representation.
Transwestern’s Institutional Commercial Group focuses on investment services throughout the Washington, D.C. region.
Finmarc’s portfolio includes more than 5 million square feet of space in the mid-Atlantic region.