News release

Office property in Arlington, Virginia, trades

JLL Capital Markets led the sales efforts for Ballston One, a 239,678-square-foot office building 

September 13, 2023

Jenna Sharp

Capital Markets PR
+1 214 438 6450

WASHINGTON, D.C., Sept. 13, 2023 –  JLL Capital Markets announced today that it has closed the sale of Ballston One, a 239,678-square-foot office building located in Arlington, Virginia.

JLL represented the seller, UBS Realty Investors, LLC, and procured the buyer, Penzance.

Ballston One is located at 4601 North Fairfax Dr. in the Ballston submarket of Northern Virginia. The building was constructed in 1986 and currently is occupied by a mix of federal government and private sector tenants.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Matt Nicholson, Andrew Weir, Jim Meisel, Dave Baker, Kevin Byrd and Kameel Omar.

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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About UBS Realty Investors, LLC

Investing since 1943, UBS Realty Investors, LLC actively manages real estate investments globally across the major real estate sectors, both directly and indirectly, as one of the largest real estate managers worldwide. UBS’ offering ranges from core to opportunistic, to open and closed-end private structures, REITs, commingled and customized investment structures, individually managed accounts, and real estate securities.

About Penzance Properties, LLC

Penzance is a fully integrated real estate owner, operator, and developer with a best-in-class institutional investor base.  They have an over 25-year track record of success investing across the Mid-Atlantic region in multifamily, industrial, data center, and other commercial assets.  Penzance has committed over $3.7 billion of gross capital during our history and, today, manages over $600 million of discretionary capital through multiple fund vehicles.  Penzance is woman-owned and ESG-focused, with an experienced and diverse team.