BoundTrain Real Estate, with a joint venture partner, acquired 6400 & 6402 Arlington Boulevard, two iconic, 13-story high-rise office buildings with 360-degree views, in February 2019 for $38,185,000. Formerly known as “Falls Church Corporate Center,” the buildings were originally built in 1972 and 1988 as the headquarters for First Virginia Bank.

Type: Office
Opportunity: Value Add
Location: Falls Church, Virginia
Address: 6400 & 6402 Arlington Boulevard,
Falls Church, VA 22042
Investment Date: February 2019
Status: Active
RSF: 410,197

Website: www.lookout6400.com

Ownership has renamed and rebranded the Property as Lookout at 6400, North & South Towers, a tribute to the unimpeded views and amount of natural light in tenant spaces, as well as a reference to the location’s pre-Seven Corners name, Fort Buffalo. The repositioned, and rebranded property appeals to local owners and entrepreneurs.

Lookout at 6400 has an $11 million renovation budget, which will include a new tenant lounge, multiple shared conference and training rooms, a new fitness center and bike room, upgraded restrooms, plaza and lobby enhancements, and vacant space preparation, as well as other technology, security, and base building upgrades. BoundTrain has relocated its offices onsite, providing active ownership and direct oversight of renovations.

The value proposition is strong for decision-makers who live in the area and seek an easy commute, a professionally managed high-rise office environment, irreplaceable views, modern amenities, nearby retail, ample parking, and affordable rent.

Property features include:

  • Ideal location inside the Beltway, within one mile of I-66 and East Falls Church Metro Station (Silver and Orange Lines), conveniently serving points north, south, east, and west, including Reagan National Airport, Dulles International Airport, Routes 50, 66, and 7, and I-495
  • Central position with direct access to the Arlington, Alexandria, Merrifield, and Tysons Corner submarkets
  • Six miles from Crystal City (Amazon HQ2 location)
  • Multi-tenanted property 74% occupied at acquisition with a floor plate of approximately 15,000 square feet, ideal for full floor users and smaller users alike
  • 3.0/1,000 parking ratio with below grade parking
  • 2.3 million square feet of retail with a 1.3% vacancy rate within one mile of property
  • Favorable supply & demand dynamics in Northern Virginia due to the lack of speculative office construction and lack of available entitled office projects inside the Beltway