TIAA-CREF Flips Va. Office Tower To LaSalle For $62M

Law360, New York (December 2, 2011, 9:15 PM EST) -- LaSalle Investment Management LLC has bought a Washington-area office building fully leased to a major defense contractor for $61.8 million — $528 per square foot — from retirement services provider TIAA-CREF, the deal's broker announced Friday.

One Virginia Square, a 117,000-square-foot building in Arlington, Va., is leased through 2021 to System Planning Corp., according to Cassidy Turley Inc., which marketed the building for TIAA-CREF. The defense contractor is unlikely to go anywhere, James Cassidy of Cassidy Turley said, as its biggest client, the Defense Advanced Research...
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