Rockville-based Washington Real Estate Investment Trust paid $52.25 million, or $355 per square foot, for an office building in Ballston-Rosslyn corridor of Arlington, Va.
The eight-story building was built in 1988 and contains 147,000 square feet. It provides three-levels of underground parking for tenants that have leased 82 percent of the useable space in the building.
The acquisition brings WRIT's Washington area portfolio to 72 properties totaling 9 million square feet.
The aquisition follows the company's continued strategy of purchasing office buildings inside the beltway.
"Fairgate at Ballston provides an excellent opportunity to acquire an office asset in the Rosslyn-Ballston corridor, one of the top submarkets in the Washington region. The property's close proximity to Metro and I-66 aligns well with our long term strategy of owning buildings in dense, infill locations serviced by transit," said George "Skip" McKenzie, President and Chief Executive Officer of WRIT, said in a statement.