Office building in Northern Virginia sold for $90m

COffice building in Northern Virginia sold for $90m
Image: Courtesy of JLL

Clarion Partners, LLC has sold 3150 Fairview Park Drive, a 257,489-square-foot, trophy office building in Falls Church, Virginia to funds managed by U.S.-based Apollo Global Management for $90 million, JLL announced Wednesday.

3150 Fairview Park Drive, an office building in Northern Virginia, is 100% leased on a long-term basis and serves as the mission-critical global headquarters for General Dynamics Information Technology (GDIT), a wholly-owned subsidiary of General Dynamics.

Completed in 2001, the property recently underwent a complete asset repositioning which included building operating systems, the creation of an atrium lobby, constructing all new common areas, tenant spaces and enhancing building amenities.

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JLL represented the seller, , LLC, and procured the buyer, funds managed by U.S.-based Apollo Global Management. The JLL Capital Markets team representing the seller was led by Senior Managing Directors Bill Prutting and Jim Meisel and Managing Director Matt Nicholson.

“3150 Fairview was highly sought-after due to its rare combination of a long-term leased global headquarters of a strong credit tenant, a fully renovated trophy asset and a submarket (Fairview Park) in Northern Virginia, which has experienced one million square feet of leasing activity since 2017, with many tenants landing in Fairview Park from ‘on-Metro’ locations.” Prutting added.