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| 3150 Fairview Park Drive, a 257,489-square-foot trophy office building in Falls Church, VA |
WASHINGTON, DC – JLL Capital Markets announced it has closed the $90 million sale of 3150 Fairview Park Drive, a 257,489-square-foot, trophy office building in Falls Church, Virginia.
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| Bill Prutting |
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.
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| Jim Meisel |
“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.
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.
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| Matt Nicholson |
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.
About JLL
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.
CONTACT:
Kristen
Murphy
Senior Manager
Public Relations
Investor Services
JLL
One Post Office Square, Suite 3500
Boston, MA 02109
T +1 617 848 1572
M +1 617 543 4873
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