Federal Capital Partners® (FCP) and RESI Management have signed Marymount University to an 87,000 square foot lease at 4040 N. Fairfax Drive, a ten-story, 184,213 square foot office building in the heart of the Ballston submarket of Arlington, VA. FCP, in partnership with the McMullin family, recently completed a significant renovation and repositioning of 4040 N. Fairfax.
”Marymount University is a vital and integral part of the Arlington community and we are thrilled to welcome them to 4040 N. Fairfax,” said FCP Managing Partner, Tom Carr. “It’s a great statement not only about 4040, but about Ballston’s continuing attractiveness as it emerges from the “BRAC era”.
Marymount University President, Matthew D. Shank, Ph. D., commented, “Marymount is proud to be partnering with Federal Capital Partners and RESI Management on this important initiative that will impact the future of the university. The newly renovated 4040 Fairfax site is the ideal location for our students and will serve Marymount well for our future needs.”
FCP and McMullin took the opportunity in January 2013, as part of the Base Realignment and Closure (BRAC) initiative, to do an extensive renovation of 4040 N. Fairfax that allows the building to compete with new Class A buildings at a discount to competitor pricing. The building is two blocks from the Ballston Metro station, three blocks from the Virginia Square Metro station and one half mile to direct access to I-66. Dozens of restaurants and retail shops are within steps of the building.
4040 N. Fairfax renovations began with the demolition of the entire interior to shell condition, including the removal of partitions, ceilings and flooring, allowing maximum flexibility for full floor or multi-tenant layouts.
The renovation scope included:
- 4,000 square foot panoramic roof terrace
- Improved flagstone entry with new public sidewalks as well as decorative concrete areas that can be used for patio seating
- Stainless steel entrance trellis accented with lighting
- Contemporary stainless steel detailing added to arcade columns and window mullions
- Main lobby enlarged 20% and finished with paneled wood walls, arced drywall ceiling with accent lighting and illuminated fins along the walls
- Fully remodeled restrooms
- Upgraded, brightly lit underground parking garage and repaved surface parking lot that includes 298 spaces
- New 1,400 square foot, state-of-the-art fitness center with locker rooms and showers
- Fully renovated elevator cabs
- 420+ perimeter fan coil units replaced throughout the building with new Carrier models including individualized controls, noise reduction and increased efficiency
- Open-source DDC energy management and building control system
- Ground floor re-zoned to allow for retail uses, with 3,600 remaining square feet available to join Virginia Heritage Bank
FCP extends its appreciation to Josh Peyton, Peter Berk and Dave Millard of Avison Young, who represented Marymount and Rob Walters, Mike Shuler and Nate Krill, also of Avison Young, who represented the ownership in the lease transaction.
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $3.5 billion in assets since its founding in 1999. FCP is seeking equity, preferred equity and mezzanine debt investments in commercial and residential real estate throughout the Mid-Atlantic region, including Washington DC, Maryland, Pennsylvania, Virginia, Delaware, West Virginia, New Jersey and the Carolinas. FCP buys assets directly as well as through joint ventures with local operating partners. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its second investment fund, a $529 million commingled, discretionary fund closed in 2012. For further information on FCP, please visit www.fcpdc.com