{"id":1004068219,"date":"2013-03-06T06:52:51","date_gmt":"2013-03-06T14:52:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004068219"},"modified":"2022-12-08T10:26:01","modified_gmt":"2022-12-08T18:26:01","slug":"piedmont-acquires-334-ksf-office-building-for-176m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/piedmont-acquires-334-ksf-office-building-for-176m\/","title":{"rendered":"Piedmont Acquires 334 KSF Office Building for $176M"},"content":{"rendered":"<p><em>By Gail Kalinoski, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/03\/Arlington_Gateway.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004068221\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/piedmont-acquires-334-ksf-office-building-for-176m\/arlington_gateway\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/03\/Arlington_Gateway.jpg\" data-orig-size=\"480,517\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Arlington_Gateway\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/03\/Arlington_Gateway.jpg?w=480\" class=\"alignleft size-medium wp-image-1004068221\" title=\"Arlington_Gateway\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/03\/Arlington_Gateway.jpg\" alt=\"\" width=\"278\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/03\/Arlington_Gateway.jpg 480w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/03\/Arlington_Gateway.jpg?resize=279,300 279w\" sizes=\"auto, (max-width: 278px) 100vw, 278px\" \/><\/a><\/p>\n<p>Piedmont Office Realty Trust boosted its Washington, D.C., area portfolio this week by acquiring Arlington Gateway, a 12-story, Class A office property and one of the top buildings in the Rosslyn-Ballston corridor, for $175.6 million.<\/p>\n<p>The Atlanta-based office REIT purchased the 333,948-square-foot building at 901 North Glebe Road in Ballston, Va., from Arlington Gateway Investors L.L.C., which had owned it since 2005. The LEED gold and Energy Star-certified trophy property located about 10 minutes from Washington, D.C., sold for $526 per square foot, not a record for the area, but still considered on the high end.<\/p>\n<p>\u201cWe achieved excellent pricing for our client while providing Piedmont the opportunity to execute its expansion plan into the Washington, D.C., region with a trophy asset that has strong cash flow,\u201d Gerry Trainor, executive managing director of Transwestern, who represented the seller along with his D.C. Commercial Sales team, said in a news release.<\/p>\n<p>Trainor declined to offer more details on the seller but the Washington Business Journal identified Arlington Gateway Investors, L.LC., as an affiliate of Dweck Properties, Ltd., which has been moving out of office properties into residential.<\/p>\n<p>The building, located at the corner of Fairfax Drive and North Glebe Road, is two blocks from the Ballston Metro station, close to I-66, and next to the Westin Arlington Gateway hotel, which has 336 guest rooms and 10,000 square feet of meeting space. The area has a substantial retail and restaurant presence and a growing housing unit base. It is 99 percent leased to private-sector tenants including Towers Watson, a global professional services company, and Nixon &amp; Vanderhye, a law firm.<\/p>\n<p>\u201cRents are below market so there is an upside to push the rents up in the future,\u201d Trainor told <em>Commercial Property Executive.<\/em><\/p>\n<p>Trainor said his team marketed the property for about a month in January and had \u201cextremely strong\u201d interest from more than 20 well-diversified bidders.<\/p>\n<p>\u201cThe five that were in the final were very strong,\u201d he said.<\/p>\n<p>\u201cPeople believe in the Washington market long-term,\u201d Trainor said. \u201cThere is a flight to quality right now because people are still uneasy about the economy and sequestration. This is one of the finest buildings in Ballston. It\u2019s almost fully leased. It\u2019s what people are looking for \u2013 a Class A property in a Class A location.\u201d<\/p>\n<p>Bob Wiberg, executive vice president, MidAtlantic region and head of development for Piedmont, also talked about the superior quality of the building and the strong location.<\/p>\n<p>\u201cThe RB Corridor is one of the most desirable and high performing submarkets in the Washington, D.C. region,\u201d he said in a Piedmont news release. \u201cArlington Gateway\u2019s strong position in this submarket, evidenced by its 99 percent leased status, makes this an ideal strategic investment for Piedmont.\u201d<\/p>\n<p>Piedmont focuses on Class A properties located primarily in the 10 largest U.S. office markets, including Chicago, New York, Los Angeles, Boston, Dallas and Washington, D.C. As of Dec. 31, 2012, the REIT\u2019s 74 wholly-owned office buildings comprised more than 20 million rental square feet. The addition of Arlington Gateway gives the REIT a third building in the Rosslyn Ballston corridor. It owns 3100 Clarendon Blvd. and 4250 North Fairfax Drive along with numerous other office properties in northern Virginia, Maryland and Washington, D.C.<\/p>\n<p>\u201cThis acquisition demonstrates Piedmont\u2019s strategic deployment of capital into one of our concentration markets,\u201d Raymond L. Owens, executive vice president, Capital Markets, stated in the Piedmont release. \u201cThis transaction will provide us with stable income from a high-quality office building, and it builds upon our critical mass in a submarket that we feel has strong long-term potential growth.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Piedmont Office Realty Trust boosted its Washington, D.C., area portfolio this week by acquiring Arlington Gateway, a 12-story, Class A office property and one of the top buildings in the Rosslyn-Ballston corridor, for $176 million.<\/p>\n","protected":false},"author":1068,"featured_media":1004068221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,11,21742,21747,21786,1615],"tags":[],"class_list":["post-1004068219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-midatlantic","category-latest","category-office","category-sustainability","category-washington-dc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. 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