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Network Realty, KBS Exchange $23M for Three-Building Office Park in Fairfax
KBS, which maintains a regional office in Arlington, VA, has disposition of Redwood Plaza I, II & III, a three-building Class A office complex spanning 207,000 square feet in Fairfax, VA for $23 million.
The property, originally acquired by KBS in 2000, was purchased by Arlington, VA-based Network Realty Partners.
Jim Meisel, Matt Nicholson, Andrew Weir, Kevin Byrd and Dave Baker of JLL brokered the transaction.
“Based on Fairfax, VA’s robust office market fundamentals and the increasing demand for premier office space, now is the ideal time to sell this asset,” says Marc DeLuca, CEO and Eastern regional president at KBS.
Redwood Plaza consists of Redwood Plaza I, a five-story building that holds 99,297 total rentable square feet of space; Redwood Plaza II, a three-story building that offers 67,328 total rentable square feet; and Redwood Plaza III, a two-story building containing 40,984 rentable square feet. The three buildings have recently been renovated with new tenant lounge and lobbies plus include a conference center, catering kitchen and community pantry.
- ◦Sale/Acquisition
