DTZ, NKGF Join Forces to Sell Big in Greater Washington
- Aug 15, 2015
Two major U.S. commercial real estate brokerage firms are teaming up to sell a trio of properties located next to the planned National Science Foundation headquarters building in Alexandria.
DTZ and Newmark Grubb Knight Frank have been hired by Hoffman Family LLC, the developer behind Hoffman Town Center, to sell two office buildings and a retail center in Alexandria’s Carlyle District, the Washington Business Journal reported. The newspaper also said that the properties could sell for a total well over $200 million.
The two office buildings are located at 200 Stovall St. and 2461 Eisenhower Ave. They were both constructed in 1969 and both stand 14 stories above ground, but the resemblance ends here. The structure at 200 Stovall St. is the larger of the two, with 606,575 square feet of space, and is fully leased. Meanwhile, 2461 Eisenhower Ave. offers 335,485 square feet and is currently vacant.
According to PropertyShark, the first building has a market value of $121.8 million, while the second is valued at $55.6 million.
The remaining retail properties are located at 2451-2459 Eisenhower Ave. and 209-311 Swamp Fox Rd. They offer a total of 24,585 square feet of space and feature tenants such as Ted’s Montana Grill, Cold Stone Creamery and Della’s Mediterranean Grill & Brick Oven Pizza.
It still remains to be seen if DTZ and NGKF will be successful in finding buyers for the properties. However, given the current state of the Greater Washington region’s office market, where megadeals occur almost every week, it’s likely that at least the two office buildings will attract significant interest from investors. According to the Washington Business Journal, Hoffman intends to use the money from the sale to speed up the construction of the town center. This massive development calls for the construction of 3.5 million square feet office space, 1.5 million square feet of residential space, two hotels and 200,000 square feet of retail and restaurant space.
How fast do you think will DTZ and NGKF find a buyer for the properties? Let us know in the comments below!
Photo credit: hoffmantowncenter.com