KBS sells 207,000sf, three-building office park in Fairfax, Va., for $23m

KBS has sold Redwood Plaza I, II & III, a three-building class A office complex spanning 207,000 square feet in Fairfax, Va., a submarket of Washington, D.C. The property, originally acquired by KBS in 2000, was purchased by Network Realty Partners, an Arlington, Va.-based investor, for $23 million.

“Based on Fairfax, Virginia’s robust office market fundamentals and the increasing demand for premier office space, now is the ideal time to sell this asset,” says Marc DeLuca, CEO and Eastern regional president at KBS. “Office employees in this market are looking for spaces of the highest quality, especially as they return to in-person work. According to CBRE, since 2018, starting rents among five major central business districts including Washington, D.C., have increased by 13 percent in prime office buildings, making this market attractive to buyers.”

The asset’s location is ideal for commuters across the D.C.-Maryland-Virginia (DMV) area, according to