Grubb Properties Enters DC Market
Special servicer C-III Asset Management represented U.S. Bank in the disposition of Argon Plaza in Fairfax, Va. The distressed office building changed hands in a $38.8 million deal.
By Corina Stef
Grubb Properties has made its first purchase in the Washington, D.C., office market, acquiring Argon Plaza in Fairfax, Va. for $38.8 million. Special servicer C-III Asset Management acted on behalf of the seller, U.S. Bank, to dispose of the 275,000-square-foot property. HFF and NAI Global brokered the transaction.
“With its amenity-rich, densifying location and strong anchor tenant, Argon Plaza is a perfect addition to our growing office portfolio,” Grubb Properties Chief Investment Officer Todd Williams, said in a prepared statement. “We look forward to making Argon Plaza a leading property for both existing and new tenants.”
The 1988-built, 10-story building awaits major renovations and the implementation of a new leasing program. The Boeing Co. occupies more than half of the property, having recently renewed its lease for a period of five years.
Located at 12701 Fair Lakes Circle, within the Fair Lakes master-planned community, the asset offers easy access to major roads such as Interstate 66 and Route 286. Neighborhood amenities include accommodation options and more than 1 million square feet of retail, eateries and cafes within a half-mile radius.
According to Yardi Matrix, the asset previously traded in 2006, when Shorenstein Properties acquired it from Peterson Cos. for no less than $84.6 million as part of a $370 million portfolio.
Image courtesy of Yardi Matrix