Penzance Acquires Rosslyn Gateway Office Complex For $52M From JBG Smith Inc
1901 North Fort Myer Drive & 1911 North Fort Myer Drive
$52,000,000
$102/SF
Building Size
255,000 SF
Asset Type
Mixed-use
Closing
Nov 14, 2023
About this deal
AI
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.
On the Map
$52,000,000
$102/SF
Mixed-use
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Players
Arlington Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93