Velocis Fund Pays $71M For Rosslyn Office Building
Dallas-based private equity real estate firm Velocis has made its sixth D.C.-area acquisition in the last five years.
The firm announced Thursday it acquired the office building at 1530 Wilson Blvd. in Rosslyn from an investor represented by Invesco Real Estate. The deal closed April 9 for $71.4M, Arlington County property records show.
The 10-story, 171K SF office building is 81% occupied, according to Velocis. The buyer kept Lincoln Property Co. on to continue leasing and managing the building. The property sits about a quarter-mile from the Rosslyn Metro station.
The acquisition is the first deal the investor has closed as part of its latest fund, Velocis Fund III. It plans to begin a multimillion-dollar renovation program within the next year, improving the lobby, common areas, fitness center, conference room and exterior facade.
"1530 Wilson represents an opportunity to acquire a high-quality office asset with significant in-place, credit-worthy cash flow in an irreplaceable location in the Rosslyn submarket,” Velocis partner Paul Smith said in a release. “Velocis takes a geocentric approach to investing, focusing on select, non-gateway markets experiencing rapid population migration and significant job growth.
Velocis has acquired a handful of D.C. properties over the last five years. In 2018, it bought a Prince George's County retail center and a two-building Tysons office complex. In 2017, it acquired a Falls Church office building. In 2015, it bought office buildings in Loudoun and Shirlington.