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Penzance Acquires Rosslyn Gateway Office Complex For $52M From JBG Smith Inc

Property Image
SOLD
$52,000,000
Matt Kelly
CW

Virginia

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Mixed-use510,000 SF
Sold 11/14/2023
the dealplayerscompscontact
Property Image
SOLD

Penzance Acquires Rosslyn Gateway Office Complex For $52M From JBG Smith Inc

1901 North Fort Myer Drive & 1911 North Fort Myer Drive

See Similar Deals
Mixed-use510,000 SF
Sold 11/14/2023
Matt Kelly
CW
the dealplayerscompscontact
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Summary

VIRGINIA
Asset Type:Mixed-use
Price Per Square Foot:$102
Total Square Footage:510,000 SF
Transaction Type:Sale

Penzance has acquired Rosslyn Gateway, a two-tower office complex near the Rosslyn Metro station, for $52 million from JBG Smith Inc. The property, located at 1901 & 1911 North Fort Myer Drive in Arlington, VA, is a mixed-use asset comprising a total square footage of 255,000. The sale price equates to a price per square foot of $204.

Summary of transaction details

  • Property Type: Mixed-use
  • Transaction Amount: $52,000,000
  • Address: 1901 & 1911 North Fort Myer Drive, Arlington, VA
  • Market: Arlington, VA
  • Buyer: Cristopher White - Penzance
  • Seller: Matt Kelly - JBG Smith Inc
  • SF: 255,000
  • PPSF: $204

Cristopher White, representing Penzance, successfully closed the deal with Matt Kelly from JBG Smith Inc, making the transaction possible. The acquisition of Rosslyn Gateway adds to Penzance's portfolio in Arlington, VA, expanding their presence in the area.

Players

CW
Cristopher White
2 deals$77M volume
BUYER
CW
Cristopher White
2 deals$77M volume
BUYER
Matt Kelly
JBG Smith
Matt Kelly
6 deals$700.8M volume
SELLER

Details

SOLD
IMAGE: Cristopher White & Matt Kelly DATE: 11/14/2023 ADDRESS: 1901 & 1911 North Fort Myer Drive MARKET: Arlington, VA ASSET TYPE: Mixed-use BUYER: Cristopher White - Penzance SELLER: Matt Kelly - JBG Smith Inc SALE PRICE: $52,000,000 SF: 255,000 ~ PPSF: $204 NOTE: Penzance has acquired Rosslyn Gateway, a two-tower office complex near the Rosslyn Metro station, for $52 million from JBG Smith Inc.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,773,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$184,745.03
Cash-on-Cash Return-1.27%
Monthly Debt Service$246,506.53
Annual Debt Service$2,958,078.35