Penzance has scooped up its second Arlington County property in as many months, this one a rare office building sale.
The D.C.-based firm acquired the Ballston One office building at 4601 North Fairfax Drive, it announced Thursday. The firm didn’t reveal the sale price, but property records show it sold for $25M.
The seller, UBS Realty Investors, was represented in the deal by JLL‘s Matt Nicholson, Andrew Weir, Jim Meisel, Dave Baker, Kevin Byrd and Kameel Omar, the brokerage firm announced.
The $25M sale of the 240K SF office building pencils out to $104.30 per SF. The property appears to have last sold in 1997 for $43M, according to property records, and its most recent tax assessment valued it at $63M.
The building is around 60% occupied, according to a Penzance spokesperson. Its LoopNet page shows that it has more than 90K SF available.
