Northern Virginia trophy office trades for $90M
JLL Capital Markets led sales efforts for 3150 Fairview Park Drive in Falls Church
WASHINGTON, D.C. – November 11, 2020 – JLL Capital Markets announced today that it has closed the $90 million sale of 3150 Fairview Park Drive, a 257,489-square-foot, trophy office building in Falls Church, Virginia.
JLL represented the seller, Clarion Partners, LLC, and procured the buyer, funds managed by U.S.-based Apollo Global Management.
3150 Fairview Park Drive 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 (NYSE: GD). 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.
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.
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 sales 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 in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Clarion Partners, LLC
Clarion Partners LLC, an SEC registered investment adviser with FCA-authorized and FINRA member
affiliates, has been a leading U.S. real estate investment manager for more than 36 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With $50 billion in total assets under management as of March 2019, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its 350 domestic and international institutional investors. More information about the firm is available at clarionpartners.com.