An affiliate of LCOR buys office building in Arlington
- December 20, 2012
Cushman & Wakefield said Thursday that it has arranged the sale of a 235,000-square-foot office building in Arlington that will be torn down and turned into apartments. The site, at 400 Army-Navy Drive, offers panoramic views of some of Washington, D.C.’s best known sites.
Arlington Apartments L/Cal LLC, an affiliate of LCOR, purchased the building from 400 Army-Navy Drive Associates Limited Partnership for an undisclosed amount.
According to Cushman & Wakefield, LCOR plans to redevelop the property into multifamily units. “The property offers 180-degree, unobstructed views of the entire Washington skyline,” including the Pentagon, U.S. Capitol and Washington Monument, Eric Berkman, executive director of Cushman & Wakefield, said in a statement.
“Although this is a vacant building in an office market with 19 percent vacancy, there was tremendous demand from prospective buyers – both from those considering it for office use and those looking at it for residential use,” said Berkman. “Despite the short-term issue of high vacancy rates, the strong interest here demonstrates people are still betting on D.C.”
Arnold & Porter LLP represented the seller in connection with the transaction.
The property is located at the intersection of I-395 and Route 1. It is within walking distance of two Metrorail stations – Crystal City and Pentagon City – and is near numerous amenities, including more than 175 retailers, 80 restaurants and 15 hotels.
LCOR, with offices in New York City, D.C. and the Philadelphia metro areas, specializes in core urban development and acquisition redevelopment opportunities where assets can be repositioned or rehabilitated to add value. Nationally, it has developed more than 21,000 residential units and more than 18 million square feet of commercial space.