Grubb Properties bought a 275,000 sq ft office building in Fairfax, Virginia, for $38.8m. The property, known as Argon Plaza, changed hands for just over $141 per sq ft. The deal marks Grubb’s first investment in the Washington, DC, metropolitan area. Located in the Fair Lakes master-planned community, the property’s anchor tenant, a defense contractor specializing in military technology and intelligence, occupies more than 50 percent of the building and recently signed a five-year lease renewal.
“With its amenity-rich, densifying location and strong anchor tenant, Argon Plaza is a perfect addition to our growing office portfolio,” said Todd Williams, chief investment officer at Grubb Properties. “We look forward to making Argon Plaza a leading property for both existing and new tenants.”
