Commercial real estate roundup 9/20/10
- September 20, 2010
ARLINGTON — Airlines Reporting Corp., a technology company serving the travel industry, is leasing 68,000 square feet of office space in the mixed-use Clarendon Center. The company will move from 4100 Fairfax Drive in Arlington to 3000 Wilson Boulevard during the first quarter of 2011. The Clarendon Center, adjacent to a metro station, is a mix of 170,000 square feet of office, 40,000 square feet of street-level retail and 244 apartments. Jones Lang LaSalle represented ARC in the transaction while Cassidy Turley represented the landlord, Saul Centers Inc.
TYSONS CORNER — Transwestern has been named the managing and leasing agent for a prime piece of property in Northern Virginia: DLJ Real Estate Capital partner’s recently acquired portfolio in Tysons Corner. The site includes 110 acres of land and nearly two dozen office buildings. Cityline Partners, a newly formed affiliate of DLJ, will oversee the portfolio.
WASHINGTON, D.C. — An Italian insurance and financial products company purchased the Farragut Building from ING Clarion Partners for $93.5 million, or about $638 per square foot. The 146,648-square-foot, 12-story, Class A building is located at 17th St. NW. Cassidy Turley represented ING Clarion, and Falcon Real Estate Investment Co. LP represented the buyer, the Generali Group. According to CoStar, the building is 97 percent leased.
HENRICO COUNTY — The Board of Supervisors approved new land use designations for the area around Innsbrook Corporate Center, the Richmond region’s largest office park. New designations of urban mixed-use and traditional neighborhood residential were sought to make the area a more walkable, urban community and to pave the way for future development. Presently, most of the 8.6 million square feet of development in the Innsbrook corridor is primarily office space.
RICHMOND — Thalhimer, a member of the Cushman & Wakefield Alliance, is the leasing and property management agent for Brandy Hill Plaza in Mechanicsville. The 110,883-square-foot, mixed-use property includes a three-story office building of 40,000 square feet, along with retail tenants, such as Food Lion.
RICHMOND — FSA Network has renewed a lease for 29,325 square feet of warehouse space at Fairgrounds Distribution Center building. Liberty Property Trust handled the transaction.
NORFOLK — Harbor Group International LLC bought the Hanover Apartments in Greenbelt, Md., for $39.5 million. The sellers were Federal Capital Partners and Angelo, Gordon & Co. LP. That partnership bought the 320-unit, garden-style apartments in 2006 and invested in a $9 million renovation, updating its roofs, windows and common areas.
BLACKSBURG — A recently completed $2.6 million renovation of the historic Blacksburg Motor Co. gives Southwest Virginia its first Platinum LEED-certified building. That’s the highest certification under the standards of the U.S. Green Building Council. Permeable concrete, rain barrels and a geothermal heating and cooling system are some of the sustainable features included in the 13,000-square-foot project. The 84-year-old building is the new home of Blacksburg’s Department of Planning and Building.