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Carr Properties Sells Ballston Office Building For $153M

The One Liberty Center office building at 875 North Randolph St. in Ballston

The first building developed in Ballston's Liberty Center complex has just traded hands. 

Carr Properties sold the One Liberty Center office building at 875 North Randolph St. to USAA Real Estate, the JLL brokerage team announced Monday. Property records show the sale closed June 26 for about $153M. 

The HFF team of Jim Meisel, Andrew Weir, Matthew Nicholson, David Baker and Stephen Conley brokered the sale prior to their firm being acquired July 1 by JLL. Cary Abod and Rob Carey, also former HFF brokers who are now part of JLL, arranged an acquisition loan with Northwestern Mutual on behalf of the buyer. 

Shooshan Cos. developed the building in 2005 as a build-to-suit project for the Office of Naval Research, which renewed its full-building lease last year. In 2013, Carr acquired a 49.9% interest in the property. 

The 13-story, 319K SF office building sits about three blocks from the Ballston Metro station and one block from the Ballston Quarter shopping mall redevelopment that delivered earlier this year. 

In 2017, Shooshan sold the adjacent Two Liberty Center office building to Westbrook Partners for $72M. Shooshan, in partnership with Brandywine Realty Trust, is now building the final phase of the 2.3M SF Liberty Center complex, a 22-story mixed-use tower with office, residential and retail.