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Dweck Finalizes $175.6M Sale of Trophy Asset in VA

Piedmont Adds 333,948-SF Arlington Gateway to Growing DC Area Portfolio
March 5, 2013
Dweck Properties completed its trade of Arlington Gateway, a 12-story, 333,948-square-foot office building at 901 N. Glebe Road in Arlington County's Ballston submarket, to Piedmont Office Realty Trust for $175.6 million or $526 per square foot.

Constructed in 2005, the office building is currently 99 percent leased exclusively to non-government tenants. Anchor tenants include Towers Watson and the law firm of Nixon & Vanderhye.

Dweck acquired the building from The JBG Cos. in May 2005 for $125.5 million. Piedmont purchased Arlington Gateway as part of its expansion plan into the Washington, DC, market with a trophy property that has strong cash flow, according to listing broker Gerry Trainor of Transwestern.

Trainor and team members Bob Filley, Jim Cardellicchio, Ken Marks and Paul Korns represented Dweck. Piedmont was represented in-house by Bob Wiberg, Wil Stone and Justin Caudill.

Please see CoStar COMPS #2691681 for more information.

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