Business & Tech
Ballston One Acquired For $37M Less than Assessed Value: Report
An affiliate for a D.C.-real estate firm paid $25 million last August for the 12-story Ballston One office building, according to a report.
ARLINGTON, VA — An affiliate of real estate firm Penzance acquired Ballston One at 4601 N. Fairfax Drive on Aug. 30, 2023, according to the Washington Business Journal.
Located a little less than half a mile west of the Ballston-Marymount University Metro Station, the 12-story building sold for $25 million or about $100 a square foot, according to WBJ's reporting. That's considerably less than its current assessed value of $62.8 million and about half the $43.1 million the building fetched the last time it was sold.
Representatives of Penzance and its affiliate JLL declined to respond to WBJ reporter Dan Brendel's request for comment. However, a JJL spokesperson said in an earlier email that the property was 63 percent leased at the time of its sale.
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