The Xerox building located at 1616 N. Fort Myer Drive in Rosslyn, Virginia recently sold for $25 million, according to a report by the Washington Business Journal. The property was acquired by an affiliate of Dreyfuss Holdings and was previously purchased for $145 million by TIAA in 2011.
Originally developed in 1974 by the Gould family and later sold to Beacon Capital Partners in 2007, this property was once known as the Rosslyn Overlook. Plans were filed earlier this year by TIAA and Nuveen for a mixed-use redevelopment that included a 691-unit apartment building; however, these plans are currently on hold. Dreyfuss is now exploring potential options for the site.
Dreyfuss president J.R Schuble stated that they view this property as a valuable long-term asset with great potential within the growing area of Rosslyn. The recent sale reflects only a fraction of its previous purchase price.
This article originally appeared on Connect CRE.
