Last week, Philadelphia-based Equus Capital Partners finalized the sale of its 274,690-square foot Falls Church office space. The six-story building at 8111 Gatehouse Road went for $52 million ― or $189 per square foot ― in a deal arranged by Newmark Knight Frank’s James Cassidy and Jud Ryan before the current lockdown.
The buyer is MTR Capital Group, a company led by Michael Tabacinic, son of Moris Tabacinic, co-founder of NCH Capital. In addition to being prominent investors throughout Russia and Eastern Europe, the Tabacinics also recently partnered with spec home developer Felix Cohen and his son to build a $40-million waterfront mansion on Miami Beach’s North Bay.
8111 Gatehouse Road, Falls Church
Built in 1973, the Class B office on Gatehouse Road is part of the Gallows Road Corridor. It’s conveniently situated near an assortment of retail, restaurant and entertainment venues, as well as the Dunn Loring-Merrifield Metro station. The office space has 40,000-square-foot, column-free floor plates and is currently 92% leased. Plus, given the freezing effect that the present lockdown is having on many businesses, its tenant roster is especially strong. It includes essential services like those provided by healthcare non-profit Inova, the GSA and USPS.
The property had previously changed hands in 2006 for $43.5 million in a short-term sale leaseback from the American Red Cross. By 2009, Equus ― then operating under the name BPG Properties ― had completed a $7 million renovation of the building. The project included changes to the main lobby, elevators and restrooms, as well as building system upgrades. On-site amenities include a fitness center and locker rooms, daycare and secured underground parking.
