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 development. Potomac Yard features green cost-saving technology and has received both LEED Gold and Energy Star certifications.

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 deal the largest suburban commercial transaction in the region to date this year.

“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 brokers representing the seller were William Kaye, Randall Heilig, Jonathan Hull, Nick Hendy, Tim Hutchens, Tim Lenahan, Erik McLaughlin and Malcolm Schweiker.

San Antonio-based USAA Real Estate, which has more than $5 billion in assets, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The company specializes in office, medical office, industrial, public sector, retail, land and hotel properties.