Grubb Properties Enters DC Market

By Corina Stef

Argon Plaza, Fairfax, Va.

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.”

Improvement Plans

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