Park Place

Park Place is a Class A, 179,407-square-foot multi-tenant office building located in the Rosslyn, Virginia, submarket within the Rosslyn-Ballston Corridor. The property has been sold several times in the past 10 years, with NorthMarq involved in each transaction. Lennar sold the property to TA Associates Realty, who then sold it to Walton Street Capital and then to CarrAmerica. It was subsequently sold to the current owners, Tishman Speyer.

Challenges

• Establish the feasibility of higher market rents despite Park Place’s reputation as an aging property in its market.
• Demonstrate that Park Place could retain its tenancy and obtain a rise in net operating income in current market conditions at the time of each sale. The Rosslyn submarket is characterized by a stable and variegated tenant base that consists of government agencies, defense contractors and private industry. Arlington County has one of the highest median income levels and enjoys low vacancies and escalating rental rates.

Solutions

• Park Place has consistently achieved an increase in value through the previous four investment sales.
• The property has also demonstrated its appeal to institutional investors as it has been sought after by national pension fund advisors.
• Through a competitive professional sales process we were able to convince several institutional buyers that they needed to compete aggressively in order to acquire the building.
• Each owner has found the submarket extremely tight. The Rosslyn submarket is going through a renaissance with the planning and delivery of new Class A trophy office developments.