ING falls into $105m JV acquisition

Real Estate Weekly,  Nov 14, 2007  

Tags: ING Group

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FALLS CHURCH, VA: ING Clarion Partners, LLC, a leading real estate investment firm, announced the acquisition of 2980 Fairview Park in Falls Church, Virginia for a $105 million in a joint venture between the ING Office Fund (IOF) and a separate account client advised by ING Clarion. IOF is a publicly traded property trust (REIT) on the Australian stock exchange. Each partner acquired a 50% interest in the building.

The 14-story tower is located in Fairview Park, a suburban office park considered among the finest in Northern Virginia, with excellent access to the I-495 beltway, Route 50, Route 29, I-66, and Dulles Toll Road. It is close to public transportation as well, with the Dunn-Loring Metro Station less than two miles away. The building was designed by Cooper Carry, an award winning architecture firm, and completed in 1991.

It features a copper mansard roof cap, marble lobby, granite skin with ribbon glass facade high-speed elevators, ten-foot ceilings, redundant telecommunications fiber, and a 5.5 story parking garage, all of which are well above standard construction for the Northern Virginia office building market. Other upgrades are planned to re-brand the property for multi-tenant users, including a health club, restroom renovations, refurbishment of the elevators and additional cosmetic upgrades.

The property is 84% occupied by Verizon, which plans to progressively vacate the space over the next several years, creating an opportunity to re-lease at market rates.

"Falls Church is home to many leading service companies and major government contractors, providing strong economic growth and employment opportunities to the community," said Marc DeLuca, a director at ING Clarion. "We believe 2980 Fairview Park offers an especially attractive location for these firms, and look forward to working with our property manager, Grubb & Ellis and the leasing agent Jones Lang LaSalle to maximize the potential of this outstanding property."

COPYRIGHT 2007 Hagedorn Publication
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