Perseus-ELV Associates JV Snags Arlington Office BuildingBy
Ballston Metro Center
Arlington, Va.—Ballston Metro Center, a Class A office building that’s part of a mixed-use project near Virginia Square in Arlington, was recently sold to a joint venture between PERSEUS Realty and Boston-based ELV Associates. Gerry Trainor and Mark Glagola of Transwestern’s Mid-Atlantic Capital Markets Group negotiated the $69.5 million transaction on behalf of the seller, Dweck Properties of Washington, D.C. The 13-story building was nearly 35 percent occupied at the time of sale.
Constructed in 1989 directly above the Ballston Metro Station, the 235,568-square-foot office building is located at 901 N. Stuart St. in the RCB Corridor office submarket. According to Transwestern, this submarket improved during the third quarter of 2016 to a positive net absorption of 288,000 square feet, while the direct vacancy rate decreased to 19.5 percent…
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