Colony Realty Partners' subsidiary, Colony Capital LLC, finalized the purchase of an office building in Falls Church, Virginia for $74.23 million according to a CoStar report. PacTrust sold the 10-story, 231,928 square foot office building for roughly $320 per square foot; according to CoStar Group information, the average asking rent per year is approximately $36 per square foot.
The building at 3190 Fairview Park was originally delivered in 1990 and renovated between 2006 and 2008 with current major tenants including General Dynamics, JPMorgan Chase and DynCorp International. "The sale of this trophy office property is further evidence that investors are actively seeking quality, well-located and stable assets in one of the strongest markets in the country," said Collins Ege of Jones Lang LaSalle, which led the sales effort on behalf of PacTrust.
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