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Despite a county office vacancy rate hovering around 20%, Perseus Realty CEO Bob Cohen is bullish on Ballston. He just made a huge purchase to prove it.
Perseus has bought Ballston Metro Center, a 235k SF office building above the Metro station, for $70M from Dweck Properties, the Washington Business Journal reports.
The DC-based developer plans $7M in renovations for the '80s-era building. The asset was 65% leased at the time of the purchase, and Perseus has already gotten LOIs from two potential tenants for a combined 36k SF.
In addition to the advantages of sitting atop a Metro station, the building is also connected by covered skywalk to Stafford Place and Ballston Common Mall, where Forest City is building a 405-unit residential tower and 389k SF of new and renovated retail space.
Forest City SVP Will Voegele will join Bob and other top developers at Bisnow's State of Arlington County and Alexandria event on December 7. [WBJ]
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