589 11th Avenue
US - New York, NY
MYR 43,518,000 | 1,463 m²
Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive representative for the Owner, is pleased to present this offering for the sale of Crown Ridge at Fair Oaks (“Crown Ridge” or the “Property”), an 8-story, 194,699 SF newly renovated office asset located at 4035 Ridge Top Road in Fairfax, Virginia. The recent beneficiary of over $1.1 million in upgrades, Crown Ridge offers tenants a dynamic, modernized entryway and common area, as well as other amenities including a fully-equipped fitness center and on-site café. Furthermore, the Property offers abundant structured parking with over 686 spaces and a 3.5/1,000 RSF parking ratio.
At the intersection of Route 50 and I-66, Crown Ridge provides outstanding accessibility to downtown Washington, DC within 30 minutes and to the broader Northern Virginia region. Located in the heart of the Fairfax Center mixed-use environment, the Property offers tenants an amenity-rich surrounding area with over 4.3 MM SF of retail within a 2-mile radius, including Fairfax Centre, Fairfax Corner, and Fair Oaks Mall.
Already home to 10 Fortune 500 companies, Fairfax County is poised to continue to benefit from the immense growth within the region, highlighted by Department of Defense spending, Northern Virginia employment growth, and Amazon’s HQ2 – a 5.3 MM SF campus set to deliver up to 25,000 Amazon jobs by 2028.
Crown Ridge is presented free and clear of existing debt and will be acquired at a significant discount to replacement cost. A compelling go-forward basis will enable investors to employ a multitude of value-add strategies leveraging Seller’s recent amenitization of the Property and in turn, capturing outsized tenant demand within the submarket near-term.