Federal office building in Lorton sells for $24 million
- January 20, 2014
A Chicago-based asset manager has purchased a fully leased federal building in Lorton for $24 million.
CBRE reported the sale of the General Services Administration (GSA)-leased office building occupied by the Drug Enforcement Administration (DEA). Titanium Real Estate Advisors bought the 90,167-square-foot federal property at 10555 Furnace Road. Titanium serves as an asset manager for institutional investors.
The custom-built facility was designed to house the DEA’s Office of Investigative Technology. CBRE represented the owner in the sale.
“This rare GSA investment opportunity is regarded as one of the highest-quality office assets in the Springfield/Newington submarket,” CBRE’s First Vice President Marc Rampulla, said in a statement. “With a DEA lease extending through 2020, plus a five-year renewal option, the property offers stable cash flow and a strong tenant renewal story. “
The building in the Gunston Commerce Center is surrounded by many other government agencies and contractors.
Completed in 2000, the center is in the heart of a Defense-oriented corridor anchored by the Pentagon, Fort Belvoir, Marine Corps Base Quantico.
The Class A building offers access to I-95, and has customized amenities such as laboratory and secure warehouse spaces, forensic and computer training facilities, radio frequency-shielded enclosures and fiber connectivity.