One Fair Oaks in Fairfax, Virginia traded hands this week as First Potomac Realty Trust picked up the property for $60.25 million according to a Washington Business Journal article. The seller was an affiliate of Lehman Brothers Holdings Inc. while Cassidy Turley brokered the sale. "One Fair Oaks is a solid investment that enhances our portfolio with a stable, cash-flowing asset that is fully leased to a long-term tenant and is located in one of the Washington region’s leading office markets," stated Nicholas Smith, Chief Investment Officer of First Potomac Realty Trust. "This acquisition continues our balanced approach of building our portfolio with a mix of urban and suburban office buildings and stabilized and values add assets."
The fully leased office building was constructed in 1987 and underwent renovations and updates in 2005. The 12 story, 214,000 square foot building is located at the intersection of I-66 and Route 50 inside of the DC Beltway. CACI Enterprise Solutions (CACI) holds the lease to the property through 2016.
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