Dallas-Based Velocis Pays $39M For Falls Church Office Building
After buying its first two NoVa office properties back in 2015, Dallas-based Velocis is coming back for more.
The private equity manager has acquired a 190K SF office building at 3120 Fairview Park in Falls Church from Corporate Office Properties Trust.
COPT, a Columbia, Md.-based public REIT, disclosed last month that the property sold for $39M. JLL’s Bill Prutting represented the seller.
The building is 87% occupied. Velocis principal Paul Smith said in a release he views the acquisition as a value-add opportunity. The firm is bringing on Moore & Associates to manage and lease the property.
3120 Fairview sits in the same office park as CSRA's 275K SF HQ, which the government technology services firm is considering selling and leasing back under new ownership. Fairview Park consists of roughly a dozen office buildings surrounding the Falls Church Marriott Fairview Park. Fairfax County officials and developers have identified it as an example of a suburban office park struggling to keep up as tenants move to new transit-oriented highly amenitized space.
Velocis' first two DC-area acquisitions came in 2015 when it bought Loudoun Gateway II and III, two connected Sterling office buildings totaling 180K SF, and Shirlington Tower, a 233K SF office building in the small Shirlington submarket of Arlington.
