Dealmaker: Transwestern Sells DC-Area Office Building for $70M

Transwestern, Houston, represented Ballston Metro Investors LLC when it sold Ballston Metro Center, Arlington, Va., to a joint venture between Perseus Realty and ELV Assocs. for $69.5 million. 

The 235,500-square-foot office building at 901 North Stuart Street sits atop the Ballston Metro commuter rail station. 

Transwestern Capital Markets Executive Director Gerry Trainor and Senior Managing Director Mark Glagola were the property’s lead listing agents.

“Perseus Realty’s acquisition of Ballston Metro Center is well timed, as it has direct covered access to the Ballston Common Mall, which is currently being redeveloped into Ballston Quarter,” Trainor said. “The redevelopment will create significant demand for this value-add investment property.”

The $317 million renovation of Ballston Common Mall into Ballston Quarter is scheduled for 2017 delivery. This revitalization project will create an entertainment-focused gathering place with street-facing retail and a pedestrian plaza within one block of Ballston Metro Center.

Transwestern said the Rosslyn-Clarendon-Ballston submarket’s office market improved during the third quarter with more than a quarter-million square feet in net absorption.

Trainor said Perseus plans to invest significant capital into the project to reposition it and accelerate lease-up.