ING Clarion Partners in Joint Venture to Acquire 2980 Fairview Park in Falls Church, Virginia for $105 Million

The 14-story tower is located in Fairview Park, a suburban office park considered among the finest in Northern Virginia, with excellent access to the I-495 beltway, Route 50, Route 29, I-66, and Dulles Toll Road. It is close to public transportation as well, with the Dunn-Loring Metro Station less than two miles away. The building was designed by Cooper Carry, an award winning architecture firm, and completed in 1991. It features a copper mansard roof cap, marble lobby, granite skin with ribbon glass façade high-speed elevators, ten-foot ceilings, redundant telecommunications fiber, and a 5-½ story parking garage, all of which are well above standard construction for the Northern Virginia office building market. Other upgrades are planned to re-brand the property for multi-tenant users, including a health club, restroom renovations, refurbishment of the elevators and additional cosmetic upgrades.

The property is 84 percent occupied by Verizon, which plans to progressively vacate the space over the next several years, creating an opportunity to re-lease at market rates.

”Falls Church is home to many leading service companies and major government contractors, providing strong economic growth and employment opportunities to the community,” said Marc DeLuca, a Director at ING Clarion. “We believe 2980 Fairview Park offers an especially attractive location for these firms, and look forward to working with our property manager, Grubb & Ellis and the leasing agent Jones Lang LaSalle to maximize the potential of this outstanding property.”