Velocis Buys Rosslyn Offices in Value-Add Play
April 24, 2020Dallas-based private equity real estate manager Velocis purchased 1530 Wilson Blvd., a 171,373-square-foot, Class A office building in Rosslyn, VA. The 10-story building was acquired in an off-market transaction from a client represented by Invesco Real Estate, and is Velocis Fund III’s first acquisition.
Velocis will focus its value-add efforts on attracting new tenants. A multimillion-dollar building improvement program, to begin within the year, will include renovating the lobby and exterior façade, refreshing common areas, upgrading the fitness center and conference room, and implementing a fully capitalized leasing program.
“1530 Wilson represents an opportunity to acquire a high-quality office asset with significant in-place, credit-worthy cash flow in an irreplaceable location in the Rosslyn submarket,” said Paul Smith, Velocis partner. “This asset and the Northern Virginia market fit nicely in the Velocis investment strategy.”
Lincoln Property Company’s Washington, D.C. office will continue to lease and manage the property, currently 81% occupied.
