Sale of Rosslyn Metro Center will reignite overhaul

After nearly a decade of stalled plans for redevelopment, the owners of Rosslyn Metro Center want to sell the property for as much as $230 million and let someone else take on the job.

The property includes the 22-story building at 1700 N. Moore St. and the rights to develop on top of the Metro station next door.

The Rosslyn Metro Center was assessed at more than $84 million in 2006, according to Arlington County tax records. Industry observers expect the existing building to fetch more than double that amount at $192 million, while the development rights could fetch about $40 million.

Rosslyn Center Associates LP -- which includes The Clover Cos. and private investors -- opted to put the property on the market amid changes in its management structure and ongoing litigation within its ownership group, according to local real estate sources.

The center would be the final piece of the remaking of Rosslyn's key properties around the Metro station. Arlington County recently approved Chevy Chase-based The JBG Cos.' plans for Center Place across the street from the Metro station and New York-based Monday Properties' 1812 N. Moore St. site, north of the station.

As part of the neighborhood's long-term changes, the bus bays along Moore Street are expected to be revamped to be more pedestrian friendly. The goal is for the area around the Metro station to include offices, retail and residential units.

Source: Washington Business Journal. View Article.

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