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Matt Kelly Of JBG Smith Properties Acquires Office Building In McLean For $42.3M

Property Image
SOLD
$42,300,000
Matt Kelly
KG

Virginia

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Office489,239 SF
Sold 05/28/2025
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Property Image
SOLD

Matt Kelly Of JBG Smith Properties Acquires Office Building In McLean For $42.3M

1410 1430 Spring Hill Road

See Similar Deals
Office489,239 SF
Sold 05/28/2025
Matt Kelly
KG
the dealplayerscompscontact
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Summary

VIRGINIA
Asset Type:Office
Price Per Square Foot:$86
Total Square Footage:489,239 SF
Transaction Type:Sale

The property asset involved in this transaction is located at 1410-1430 Spring Hill Road in McLean, VA. It is an office type asset encompassing 489,239 square feet and was sold for a transaction price of $42,300,000, which translates to a price per square foot of $86.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $42,300,000
  • Buyer: Matt Kelly - JBG Smith Properties
  • Seller: Keith Gelb - Rockpoint Group
  • Square Footage: 489,239
  • Price per Square Foot: $86
  • Sale Date: 05/28/2025
  • Market: McLean, VA

JBG Smith Properties, represented by Matt Kelly, acquired the office space from Rockpoint Group, represented by Keith Gelb. This transaction reflects Rockpoint Group's previous investment of $130.25 million in 2017 for the same asset.

Players

Matt Kelly
JBG Smith
Matt Kelly
6 deals$700.8M volume
BUYER
KG
Rockpoint Group
Keith Gelb
16 deals$2.1B volume
SELLER

Details

SOLD
IMAGE: 05/28/2025 ADDRESS: 1410-1430 Spring Hill Road MARKET: McLean, VA ASSET TYPE: Office BUYER: Matt Kelly - JBG Smith Properties SELLER: Keith Gelb - Rockpoint Group SALE PRICE: $42,300,000 SF: 489,239 ~ PPSF: $86 NOTE: JBG Smith Properties acquired the 489,239-sf Tysons Dulles Plaza in McLean, VA for $42.3M from Rockpoint Group, which had paid $130.25M in 2017.

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

$2,256,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$150,282.97
Cash-on-Cash Return-1.27%
Monthly Debt Service$200,523.58
Annual Debt Service$2,406,282.97