Hoffman Delivers 526-Unit West Falls Church Project: The D.C. Deal Sheet
Hoffman & Associates celebrated the grand opening this week of its nearly 10-acre West Falls development.
The new mixed-use district in Falls Church includes a 400-unit apartment building called The Alder and a 126-unit condo building called The Oak.
It also features an extended-stay hotel with the Home2 Suites by Hilton brand, a senior living building, a medical office building, 123K SF of retail and an 18K SF public green space dubbed The Commons.
“With a range of residential offerings, a vibrant mix of retail and The Commons at its heart, West Falls is designed to bring people together in meaningful ways,” Hoffman & Associates President Maria Thompson said in a press release.
“It’s a neighborhood that reflects the character of Falls Church while also looking toward the future, with sustainable design, open space and close proximity to transit,” she added.
Hoffman is best known for co-developing The Wharf, a 3.5M SF mixed-use project on D.C.'s Southwest Waterfront. The developer sold its stake in the project this spring at a $1.8B valuation, and Hoffman last month moved its headquarters from The Wharf to City Ridge in Northwest D.C.
SALES
Stockdale Capital Partners purchased a pair of medical office buildings totaling 401K SF in Merrifield, the company announced. It bought 8260 and 8280 Willow Oaks Corporate Drive, just to the north of Inova Fairfax Medical Campus. The company announced the deal this week but didn't disclose the price. The sale hasn't yet been recorded in Fairfax property records. Bridge Investment Group had purchased the buildings, plus another next door, for $106M in 2021. Stockdale said the acquisition is its first East Coast transaction, and it plans to continue leasing the property to medical tenants.
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The World Bank paid $165M for a piece of land under its J Building at 701 18th St. NW. The bank has owned the 488K SF building since the 1980s but had a ground lease with New York City-based Benenson Capital Partners and Weiler-Arnow Management Co. The J Building sits across the street from the bank’s headquarters at 1818 H St. NW and is one of several buildings on the campus just west of the White House.
MILESTONES
JBG Smith is planning to donate half an acre in Alexandria’s Potomac Yard for an 88-unit, all-affordable development. The Bethesda-based REIT selected Alexandria-based Wesley Housing to develop the site at 601 E. Glebe Road, the nonprofit developer announced this week. The planned six-story building is set to be reserved for households making between 30% and 80% of the area median income.
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After 135 years in business, Chevy Chase Land Co. is rebranding as CCLC, the local developer announced this week, saying its “refreshed identity is rooted in CCLC’s core values of collaboration, integrity, and forward-thinking innovation.”
CCLC President and CEO John Ziegenhein told Bisnow last month the local company is looking to diversify into other D.C.-area submarkets, as well as outside the region.
“We're trying to diversify and lower our risk of being Montgomery County-focused,” he said.
Ziegenhein also told Bisnow the company plans to expand to other asset types outside of office and is looking to position itself as more of a professional investment management firm rather than strictly a land company. CCLC owns and manages nearly 2M SF of commercial office in the D.C. area, according to its website.
LEASES
DRB Group inked a 56K SF headquarters lease at Principal Asset Management’s Summit at Washingtonian in Gaithersburg. The homebuilder is sizing up its footprint by 16K SF, expanding from its space about a mile away at one of Monday Properties’ Park Plaza buildings on Gaither Road. Transwestern’s Keith Foery, Phil McCarthy and Guy Copperthite represented the landlord, and CBRE’s Dan Falls represented DRB Group. DRB plans to move in the third quarter of next year.
