CSRA Completes Sale-Leaseback Of Falls Church HQ
Boston-based Marcus Partners acquired the 275K SF building at 3170 Fairview Park Drive from CSRA for an undisclosed price.
CSRA will continue to occupy the building, but will leave 100K SF available for new tenants. Newmark Knight Frank represented CSRA in the sale, and was also retained by Marcus Partners to lease up the additional space.
Marcus Partners plans extensive renovations to create a new fitness center, a conference facility, a café and a 100-seat auditorium. This strategy of acquiring and adding amenities to suburban office buildings has become increasingly common as tenant demand shifts toward mixed-use environments. This particular office park has been identified as an example of a suburban property in need of more amenities in order to attract new tenants, and its new owner is heeding that advice.
The deal represents the third building sale this year in the 12-building office park surrounding the Falls Church Marriott Fairview Park. Dallas-based Velocis in March acquired 3120 Fairview Park Drive for $39M from Corporate Office Properties Trust. That same month, Washington Property Co. acquired 3160 Fairview Park Drive for $7.2M from Computer Sciences Corp.