Fairfax County Office Building Trades For $52M
A recently renovated office building near Inova Fairfax Hospital has just traded hands.
The deal has not posted to Fairfax County property records, which show that the office building last sold in 2006 for $43.5M. The 283K SF office building is 92% leased.
NKF Managing Director James Cassidy, who represented the seller along with Managing Director Jud Ryan, tells Bisnow the buyer was a private family office. He said the deal was able to close because the terms had been agreed to before the coronavirus pandemic, and because the buyer is not relying on outside financing. Acquisition loans have been the most challenging part of investment sales deals during this crisis, he said.
"It was sort of the perfect buyer profile in which you had a wealthy family office, a decision-maker of one, and they were already going to self-finance through their own vehicle and put debt on it at a later date," Cassidy said. "That combined with the fact the tenant mix is COVID-resistant. You've got the government and Inova, two big, ideal tenants to have right now."
The property sits near the interchange of Route 50 and The Beltway, roughly a mile from Inova Fairfax Hospital and less than 2 miles from the Defense Health Agency headquarters. The office building recently underwent a $7M renovation, including a new fitness center, day care facility and an upgraded lobby.