Newmark Arranges $72M Sale of Alexandria Office Property
Newmark has brokered the $71.7 million sale of 2001 N. Beauregard, a 12-story office building in Alexandria, VA. James Cassidy and Jud Ryan of Newmark represented the seller, G8 Capital, in the transaction. The buyer was undisclosed.
The Class A office building spans 239,945 square feet and is 100% leased to Systems Planning and Analysis Inc. (SPA). The tenant has occupied the building since 2004 and has grown from an initial footprint of 40% of the building to now occupying the entire asset. SPA is a defense contractor with various defense-oriented programs, including the Triad Nuclear Submarine Program and the Bureau of Naval Personnel. The property was built in 1990.
“Investors are attracted to Northern Virginia real estate due to the underlying strength of the market as the vaccine begins to roll out and a reoccupation is on the horizon,” said Cassidy. “Investor appetite for mid- to long-term leased assets has remained strong throughout the pandemic. With a single tenant and nearly eight years of remaining term on the full building, 2001 North Beauregard attracted significant attention.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.