November 3, 2016
PERSEUS Realty and ELV Associates joined forces to acquire the 235,568-square-foot Ballston Metro Center Office at 901 N. Stuart in Arlington, VA in a value-add play. Seller Ballston Metro Investors LLC walked away from the transaction with $69.5 million. Gerry Trainor and Mark Glagola with Transwestern represented the seller.
The 13-story office property is part of a mixed-use project situated atop the Ballston Metrorail station. In addition to the office space, the property includes the Arlington Hilton Hotel and Alta Vista residential condominiums. PERSEUS plans to invest significant capital into the center to reposition it, and accelerate lease-up. Occupancy was 47% at the time of the sale.
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