The owner of Alexandria's vacant Victory Center office building, after losing multiple competitions for federal agency leases, has reached a deal to sell the property.
PGIM Real Estate is under contract to sell the office building at 5001 Eisenhower Ave. to Stonebridge for an undisclosed price, the Washington Business Journal reports.
The 607K SF building, which property records assess at $71M, has been vacant since 2003 when the U.S. Army Materiel Command moved out. PGIM renovated the building and unsuccessfully tried to fill it with another government agency. It competed for the Transportation Security Administration, which chose Boston Properties' Springfield site, and for the Drug Enforcement Agency, which ultimately renewed its lease in Pentagon City.
Stonebridge, which recently rebranded from StonebridgeCarras, plans to retain Cushman & Wakefield's Darian LeBlanc to help lease the building. LeBlanc, a top government leasing broker, represented Boston Properties in its successful TSA bid.
The developer hopes to build off the momentum from its two major wins in Alexandria over the last two years. Stonebridge landed popular grocery store Wegmans at its Hoffman Town Center project in 2017. In November, its 13-acre Oakville Triangle site was chosen as the location for Virginia Tech's $1B Innovation Campus, part of the Amazon HQ2 deal.
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