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Tavaco Properties buys Falls Church office building for $28.5M

The 272,300-square-foot property at 3110 Fairview Park Drive was previously bought by James Campbell Company for $43.7M in 2016.

Reported · Written up by our desk · Commercial

Tavaco Properties has acquired a discounted office asset in Greater Washington, paying $28.5 million for a 272,300-square-foot building at 3110 Fairview Park Drive in Falls Church, Virginia, Commercial Observer reports.

The deal follows Tavaco’s pattern of buying and optimizing underperforming properties. The seller, James Campbell Company, bought the 14-story building for $43.7 million in 2016, and Tavaco’s latest purchase is its third D.C.-area office acquisition since late last year, with total spending of nearly $65 million.

Tavaco said it views the building, along with other recent purchases in the region, as long-term additions to its portfolio. Managing Director Sam Tavakoli added that return-to-office trends should continue to support demand for well-operated buildings.

Commercial Observer also notes that U.S. office visits rose 6 percent in the first half of the year, though on-site attendance remains 31 percent below 2019 levels. James Campbell Company, meanwhile, is reducing its national office exposure and concentrating more heavily on industrial assets.

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