Ballston Tower Fetches $50M

ARLINGTON, VA-Ownership of Ballston Tower, the 225,000-sf office building built atop the Ballston Common Mall, changes hands in a deal valued at a reported $49.5 million, or approximately $220 per-sf. Developer Monument Realty LLC, along with partners Apollo Real Estate Advisors and Prudential Real Estate Investors, sold the 11-story structure to Consortium Capital, a private investment firm of the Bernstein Cos.

Monument and partners began building the tower last year and spent $50 million on the development. The property also features 19,000 sf of ground-level retail space, as well as a separately owned underground parking garage that accommodates nearly 500 vehicles. The offices are fully leased through 2013 to E*Trade affiliate E*Trade Bank, which relocated from Portland, OR to occupy the space. The joint venture began marketing the class A property over the summer through Cassidy & Pinkard at $55 million.

"We were always confident Ballston Tower would trade for a good number because the tenant, E*Trade, is doing well and the building is located in one of the best markets in Northern Virginia," Monument's Jeffrey T. Neal says in a statement. Speaking to, Monument's Michael Darby expounds on why the joint venture decided to put the property on the market. "Monument, as well as our investment partners, Apollo and Prudential, is a group that creates value by holding on to a property until the point in time that maximizes returns--and this was that point in time," he says. "The market in Washington is very buoyant for the sale of Class A assets inside the beltway." 

Source: GlobeSt
Author: Barbra Murray