Washington Property Co. has spent $8M to acquire two office buildings in Fairfax County and Montgomery County with plans to renovate and look for new tenants.
The Bethesda-based firm bought a 116K SF office building at 3160 Fairview Park Blvd. in Falls Church for $7.15M from Computer Sciences Corp. JLL's James Molloy brokered the deal, which came out to $62/SF, on behalf of the seller.
The building was built in 1987 as the HQ for CSC. The IT company signed a deal last year with Lerner to move to 1775 Tysons. The now-vacant property is part of an office park that surrounds the Falls Church Marriott Fairview Park. Dallas-based Velocis bought 3120 Fairview Park earlier this month, and CSRA is considering a sale-leaseback of 3170 Fairview Park.
To help re-lease the building, WPC is planning to gut all of its systems and give it an extensive renovation.
WPC also acquired a 28K SF office building at 12125 Veirs Mill Road in Wheaton/Glenmont from Cornerstone Realty Advisors for $815K. Cushman & Wakefield's Erik Berkman represented the seller. The building is 50% occupied and WPC retained Jay Clogg Realty Group to lease the rest of the building.
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