In the largest suburban office transaction in Arlington County, Va. in 2010, USAA Real Estate Co. has purchased One and Two Potomac Yard in Crystal City for nearly $250 million. The sellers of the 622,000 sq. ft. office property were institutional investors advised by J.P. Morgan Asset Management of New York.
Constructed in 2006, Potomac Yard is 99% leased. The U.S. Environmental Protection Agency occupies 75% of the 12-story, two-building
CB Richard Ellis (CBRE), which arranged the sale of Potomac Yard, carried out a domestic and international marketing campaign that led to a highly competitive bid process and generated $3 billion in offers. The sale price equaled about $401 per sq. ft., according to the Washington Business Journal, making the
“We are home to the federal government and have a strong regional economy, which is experiencing real job growth. Every investor should own here,” stated Bill Prutting Jr., senior vice president in CBRE’s capital markets institutional group, in an Oct. 1 press release announcing the sale of Potomac Yard.
In addition to Prutting, other CBRE
San Antonio-based USAA Real Estate, which has more than $5 billion in assets, provides co-