Seven Corners office buildings sold

The two high-rise office buildings at the Seven Corners intersection recently sold for 13 percent less than what they were acquired for six years ago, the Washington Business Journal reports.

Sage Ventures bought the two 13-story office towers at 6400 and 6402 Arlington Blvd. from BoundTrain Real Estate in June for $33.7 million.

BoundTrain bought the buildings in 2019 for $38.1 million with a joint venture partner and planned to spend $11 million on renovations and amenities.

Related story: Seven Corners towers are getting a makeover

BoundTrain rebranded the property as Lookout at 6400, North & South Towers. According to the company’s website, the name reflects the unimpeded views from the upper floors and the location’s early name as Fort Buffalo.

The property was formerly known as the Falls Church Corporate Center.

The office buildings were built in 1972 and 1988 as the headquarters for First Virginia Bank. The property currently houses the headquarters of Kastle Systems and an Inova pediatric clinic, among other tenants.

According to the WSJ, the buildings are 76.6 percent leased. Sage Ventures plans to lease up the buildings by the end of 2025.

The article says the sale price works out to about $82 per rentable square foot.