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Shooshan Cos. has sold one of its Ballston office buildings to one of the most active investors in the D.C. market.
Boyd Watterson Asset Management acquired the 13-story building at 675 North Randolph St. in Arlington from the developer for $196.5M, the Washington Business Journal reported.
The 355K SF office building was developed as a build-to-suit for the Defense Advanced Research Projects Agency, which signed on in 2008 ahead of the project's 2009 groundbreaking.
The building is part of Shooshan's 1.2M SF Founders Square development near the Ballston Metro station. Shooshan has been one of the leading developers in the neighborhood, also building the 2.25M SF Liberty Center complex.
The deal is at least the ninth D.C.-area acquisition in the past four years for Cleveland-based Boyd Watterson. The investor has bought one other building in Arlington, two buildings in NoMa, three in Southwest D.C., one in Herndon and one in Reston. Including this latest deal, the investments have totaled more than $1.4B.
Boyd Watterson's previous acquisition, the $206M purchase of Arlington's Sequoia Plaza in August, was the largest D.C.-area investment sales deal last quarter, according to Newmark's Q3 report. The region recorded $4.4B in total office investment sales during the 12 months ending Sept. 30, according to Newmark.
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