USAA Real Estate Co. buys trophy property in Crystal City
- October 4, 2010
USAA Real Estate Co. has purchased One and Two Potomac Yard, one of the first, green speculative office projects built in the Washington, D.C. area. US Government Building Fund, a fund sponsored by USAA Real Estate, announced the purchase Monday of the 621,774-square-foot, two-building office complex.
It reportedly sold for nearly $250 million, or about $401 per square foot, according to the Washington Business Journal. The seller, represented by CB Richard Ellis,
was Seller Potomac Yard Holding Co. LLC, owned by JP Morgan Strategic Properties Fund.
Built in 2006, the property on South Crystal Drive in Arlington is the home of the U.S. Environmental Protection Agency — its main tenant — along with other federal agencies that lease more than 90 percent of the space.
One and Two Potomac were the first projects in Virginia to achieve a gold certification under the Leadership in Energy and Efficiency Design program. Each building has 13 floors with a penthouse and incorporates elements of sustainable design and energy efficiency.
“The quality and sustainability of government tenancy make this an attractive investment opportunity for the US Government Building Fund,” USAA Real Estate Co. CEO Pat Duncan said in a statement. The San Antonio, Texas-based company has about $6 billion in assets under management and is a subsidiary of USAA, a financial services company.