Northern Virginia trophy office trades for $90M

WASHINGTON, D.C. – November 11, 2020 – JLL Capital Markets announced today that it has closed the $90 million sale of 3150 Fairview Park Drive, a 257,489-square-foot, trophy office building in Falls Church, Virginia.

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.

“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. 

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.