PRP acquired this asset, performed base building improvements to correct long-term deferred maintenance, and sold the property for a $55MM profit over three years.
- 66% leased to Arlington County Department of Human Services and 33% leased to Arlington Public Schools with a remaining weighted average term of 13 years
- Weighted average rent of $35/SF is approximately 20% lower than Class A rents in the neighboring Clarendon submarket
- High renewal probabilities for the two tenants given the property’s proximity to their customer base
- Seller invested $22.6 million of capital into the property over the past six years, minimizing future capital needs
- Purchase price of $410/SF is well below replacement cost of $500+/SF
