Piedmont Office Realty Trust announced that it has closed a deal on its acquisition of 901 N. Glebe Road in Ballston for $175.6 million, or $526.00 per square foot. The Georgia-based real estate investment company is expanding its portfolio of properties in the Greater Washington area, and the acquisition of the 12-story tower will aid in that goal.
The property was previously owned by an affiliate of Dweck Properties Ltd. The company is currently shifting its focus from office holdings to residential properties.
The broker on the sale was Gerry Trainor of Transwestern. The deal, although on the high side for the area, did not set any records. The most expensive building sold in Northern Virginia is the Waterview building, which is located on Lynn Street in Rosslyn. According to Jones Lang LaSalle, this was bought by Paramount Group Inc in May of 2007 for $412.9 million, or $652.00 per square foot.
The 901 N. Glebe property was put on the market approximately two months ago. It attracted about 20 offers from interested buyers because of its high (99 per cent) occupancy rate and its attractive location (Glebe Road and Fairfax Drive), as well as its Class A building amenities. Five bids rose to the top for consideration, according to Trainor.
He went on to say, “I think it shows that people still believe in the market in the long term and there is still a flight to quality.”
Piedmont Office Realty has plans to increase its holdings in the area. The company already owns 14 buildings in the Washington region. Piedmont’s properties include 3100 Clarendon Blvd. in Clarendon, 4250 N. Fairfax Drive in Ballston and 1109 Sunset Hills Road in Reston. The corporation’s local holdings also include numerous properties in Bethesda and Rockville.
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