Washington D.C.

Stream Realty Partners And Cresa Represent Air & Space Forces Association In $16.25 Million Office Building Sale

Arlington, Virginia
June 21 < 1

Cresa’s Mindy Saffer and Natalie Gosnell, along with Stream Realty PartnersMatt Pacinelli and Charlie Smiroldo, represented the Air & Space Forces Association in the $16.25 million sale of its national headquarters building to Taicoon 1501 Langston LLC.

AFA, which has owned the property at 1501 Langston Blvd. in Arlington, Virginia, since 1984, signed a short-term leaseback prior to relocating. AFA’s Board of Directors approved the sale in April.

“The building has served our association very well for many years,” said AFA President and CEO Lt. Gen. Bruce Wright, USAF (Ret.). “But as we have evolved it, it has become clear that the AFA of today, and especially tomorrow, has different needs than those of 40 years ago. A more modern and flexible facility will enhance our operational capability and open new doors to growth in the future. That, in turn, will enable us to be ever more effective advocates for the Airmen and Guardians of our U.S. Air Force and Space Force.”

The 85,422-square-foot, Class B office building sits on 1.3 acres in the prominent and much sought-after Rosslyn neighborhood in Arlington’s Rosslyn-Ballston Corridor. AFA occupies 28,715 rentable square feet, while the rest of the property is leased to 10 other tenants.

“AFA is on a mission to modernize and that includes creating new, technology-driven space in a location that puts it closer to its business partners and government agencies,” Saffer said. “We look forward to continuing our partnership with the entire AFA team and helping advance its mission well into the future.”

1501 Langston Blvd. was 79% leased at the time of sale.

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