Beacon Capital Partners sold a Class A office tower in Arlington, Virginia this week to Tishman Speyer for $205 million, or $523 per square foot, according to a CoStar report. While no brokers were disclosed for Tishman, Beacon Capital was represented by Cassidy Turley Commercial Real Estate in the deal. Tishman said that they plan to launch improvements on the property including renovations to the lobby and elevators along with adding a fitness center.
The 19-story property at 1300 N. 17th Street was built in 1980 in the Rosslyn-Ballston corridor outside of DC and features a full service cafe and five levels of underground parking. "We're very pleased with this opportunity to increase our presence by acquiring this attractive property in one of the nation's strongest office submarkets," said Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer. "With the availability of convenient, Class A space in short supply, Tishman Speyer is well positioned to take advantage of the emerging local marketplace opportunities."
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