KBS Sells 207,000-SF, Three-Building Class A Office Park in Fairfax, Virginia for $23M

Abstract

FAIRFAX, VA. - KBS, one of the largest investors in commercial real estate, announces the disposition of Redwood Plaza I, II & III, a three-building Class A office complex spanning 207,000 square feet in Fairfax, Virginia, a submarket of Washington, D.C. The property, originally acquired by KBS in 2000, was purchased by Network Realty Partners, an Arlington, Virginia-based investor, for $23 million. "The buyer was attracted to the property's easy access to Washington, D.C. and major airports as well as its proximity to shopping and dining options in the Fairfax market." Redwood Plaza consists of three Class A office buildings: Redwood Plaza I, a five-story building that holds 99,297 total rentable square feet of space; Redwood Plaza II, a three-story building that offers 67,328 total rentable square feet; and Redwood Plaza III, a two-story building containing 40,984 rentable square feet. The three buildings have recently been renovated, bringing an elevated experience to the Redwood Plaza complex. Additional shared amenities for tenants include renovated lobbies, a conference center, catering kitchen, and community pantry and coffee. Jim Meisel of JLL was the broker for the transaction. "KBS has a long history of operating the properties in its client portfolio to exceptional standards, and Redwood Plaza is a perfect example," says Meisel. "The company's ability to provide the best office space in the market is one of the reasons why assets like Redwood Plaza are so desirable for potential buyers." "We were pleased to work with KBS in the disposition of Redwood Plaza in one of the Mid-Atlantic's strongest office markets," said Bruce Fischer, Greenberg Traurig's Chair of the West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County Office, who led the Greenberg Traurig team representing KBS. Redwood Plaza is located at 10560, 10580, and 10600 Arrowhead Drive in Fairfax, Virginia.