The 2.6M SF Skyline business campus in Fairfax County, which has fallen to 40% occupancy and could no longer pay its debts, will be put up for auction later this month.
Vornado, which will soon merge its DC business with JBG, is auctioning off the property on Dec. 21 through a substitute trustee after defaulting on the terms of its mortgage, the Washington Business Journal reports.
The property, above, sits near the intersection of George Mason Drive and Leesburg Pike in the Bailey's Crossroads section of Fairfax County. It's valued at roughly $325M. Its tenants include federal agencies such as the US Fish and Wildlife Service and a Department of Justice office.
Those bidding on the property will have to put up a $13.5M deposit and are required to close within 30 days, according to a legal notice from Ballard Spahr, the point of contact for the auction.
The public REIT signaled it was looking to sell the campus back in April, when it also expressed interest in spinning off its DC business. [WBJ]
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