Jamestown Completes Acquisition of Stafford Place

Sept. 23, 2015 - PRLog -- Leading national real estate investment and management firm Jamestown, L.P., announced today their acquisition of Stafford Place I – a 587,036-square-foot, 12-story Class A office building located at 4201 Wilson Boulevard. Atlanta-based Jamestown acquired the adjacent 184,548-square foot, 11-story Stafford Place II at 4121 Wilson Boulevard in June 2015. Today’s purchase completes the sale of the two-building complex and immediately positions Jamestown as a central and leading player in Wilson Boulevard’s transformation into a corridor for growth in the metro region.

Jamestown has a celebrated reputation for creating and enhancing high profile properties, with a deep focus on exceptional retail and workplace experiences. The repositioning of Stafford Place will complement the emergence of downtown Ballston as an innovative community for professionals to live, work and play. The district is evolving through recent and planned additions such as Forest City Enterprises’ redevelopment of Ballston Common Mall into a new, open-air town center, adjacent to Stafford Place and other progressive efforts to offer a carefully curated blend of retail, dining, entertainment and family activities.

“We see the area at an inflection point,” said Michael Phillips, President of Jamestown. “With corporate and more entrepreneurial enterprises taking space among the amenity-rich Ballston submarket, Wilson Boulevard holds tremendous promise as a destination for the new innovation economy and the creative class.”

The Ballston Business Improvement District (BID) is a 25-block neighborhood of commercial and residential properties with over 8.3 million square feet of office space, 1 million square feet of retail space and 8,000 residential units. With approximately $2 billion invested in the area since 1986, Ballston is one of the fastest growing office, residential and retail communities in the Washington, D.C. metropolitan area.

“Our vision for Ballston is to create a leading business district that attracts, supports and connects the most creative, compelling and ambitious minds in the region,” says Tina Leone, CEO of Ballston BID. “We are excited to partner with Jamestown in placemaking efforts that will undoubtedly transform Stafford Place and greater Ballston into a unique, amenity-rich destination with an even stronger sense of community.”

In 2017, Stafford Place’s largest tenant—the National Science Foundation (NSF), which comprises 86 percent of available office space in Stafford Place I & II, plans to relocate their headquarters within Alexandria. Jamestown is preparing for NSF’s transition by building a team of local professionals to spearhead the leasing efforts and actively recruit new tenants to replace the NSF occupancies, including design and construction specialists that will transform Stafford Place with extensive interior architectural renovations, system modernizations and exterior streetscape improvements. Among a number of enhancements, the buildings will see complete remodeling of their lobbies, as well as a renewed vision for Stafford I’s open atrium space.

Located on the corner of Wilson Boulevard and Stuart Street in the heart of Ballston, the combined complex features a network of covered pedestrian skyways which connect Stafford Place to the Ballston Common Mall and Ballston Metro station. The area features more than 80 restaurants, Quincy Park, the Arlington Arts Center and the Capitals’ Iceplex—all within walking distance of Stafford Place—as well as easy access to the Orange and Silver lines and Washington National Airport.  Ballston is already home to a range of innovative organizations including Accenture, ESI International, Raytheon, The United States Coast Guard, DARPA, Virginia Tech and The Nature Conservancy. Stafford Place is primed to attract a comparable assortment of forward-thinking tenants.

Stafford Place complements Jamestown’s greater Washington-area portfolio, which includes the recently acquired America’s Square, as well as Georgetown Park, One Metro Center, 733 10th Street NW, the Georgetown Renaissance retail portfolio, the Madison Office Building and Congressional Square – a two-acre development site situated in the emerging, pedestrian-friendly Capitol Riverfront neighborhood.

Leading examples of Jamestown’s signature placemaking include: San Francisco’s storied Ghirardelli Square – currently undergoing renovations to add food and retail; Atlanta’s Ponce City Market – the city’s largest-ever adaptive reuse development, featuring best-in-class office, retail and residential; and Chelsea Market in New York City – the upscale urban retail, dining and commercial complex that preserves the property’s industrial origins as the former home of the National Biscuit Company or Nabisco. Chelsea Market’s tenants include Google, the Food Network and MLB Digital Media.

About Jamestown

Jamestown was established in 1983 as an investment and management company focused on income-producing real estate in the United States. Over the last 32 years, Jamestown has expanded into a national, vertically integrated real estate operator with approximately $8.3 billion of assets under management.  Jamestown’s capabilities include: acquisitions, capital markets, property management, asset management, retail leasing, design, sustainability and risk management. Jamestown employs more than 230 professionals in the United States, with headquarters in Atlanta, GA, and New York, NY and additional offices in Washington, DC, Boston, MA, and San Francisco, CA. For more information, visit www.jamestownlp.com.