JLL closes sale of office building in Northern Virginia
2941 Fairview Park Drive boasts a creditworthy tenancy and superior on-site amenities
WASHINGTON, D.C., March 31, 2020 – JLL Capital Markets announced today that it has closed the sale of 2941 Fairview Park Drive, an iconic 367,349-square-foot, trophy office building prominently located in one of the region’s only inside-the-beltway corporate office parks, Fairview Park in Falls Church, Virginia.
JLL represented the seller and procured the buyer, an affiliate of Menlo Equities.
2941 Fairview Park Drive is 94% leased with an average remaining lease term of eight plus years and boasts a strong credit tenant roster anchored by multiple Fortune 500 companies, including the headquarters for a leading global international, defense and aerospace company. The 15-story building offers tenants 9’-12’ finished ceilings, state-of-the-art systems and a robust amenity package that includes a signature restaurant, an upgraded fitness center, a farm-to-table café and abundant parking.
The property benefits from being the only office building within walking distance of the federal government headquarters for the Defense Health Agency (DHA) and is easily accessible by car, located within one mile of Interstate 495 and Routes 50 and 29. An additional five million square feet of amenities, including the Mosaic District and Tysons Corner Mall, is accessible within a 10-minute drive.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Bill Prutting.
“The proven strategy of acquiring a trophy-quality asset with strong credit tenants at a price below replacement cost in a fundamentally strong market and location, is timeless,” noted Prutting.
“Menlo Equities’ acquisition of 2941 Fairview Park Drive reaffirms our firm’s continued commitment to buy best-in-class assets in fundamentally strong, technology-driven markets that feature proven credit tenant demand,” noted Rick Holmstrom, Founder and Managing Partner of Menlo Equities.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Menlo Equities
Menlo Equities is headquartered in Menlo Park, California and is a private, vertically-integrated commercial real estate investment firm with a 25-year history of successfully investing through economic and real estate cycles. Menlo Equities’ goal is to create value and generate superior, risk-adjusted returns through three investment platforms: core-plus, value-add, and development. With $6.6 billion in cumulative assets under management (AUM) totaling 19.7 million square feet, Menlo Equities’ proven investment model is built on enduring partnerships developed with key stakeholders, including their tenants, investors, and the brokerage community. For more information, visit menloequities.com.