US Government Building Fund, LLC, a fund sponsored by USAA Real Estate Company, has purchase One and Two Potomac Yard in Crystal City, Virginia for almost $250 million according to a National Real Estate Investor article. The seller, Potomac Yard Holding Company, LLC, is owned by JP Morgan Strategic Properties Fund. "We are home to the federal government and have a strong regional economy, which is experiencing real job growth. Every investor should own here,” stated Bill Prutting Jr., senior vice president in CBRE’s capital markets institutional group, which arranged the sale, in an Oct. 1 press release announcing the sale of Potomac Yard.
The 621,774-square-foot, two-building office complex is located just miles from Washington, DC and is currently 90% leased to Federal Government agencies including the U.S. Army Corps of Engineers and the U.S. Agency for International Development, along with private sector tenant Thales, an international aerospace, defense and security contractor. One and Two Potomac began construction in 2004, completed in 2006, and was the first project to achieve LEED New Construction Gold recognition in the state of Virginia and remains the only LEED Gold certified and Energy Star rated property in Crystal City today.
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