Edge, a diversified commercial real estate services firm headquartered in Washington, D.C., has brokered the sale of 1220 N. Fillmore Street, a nearly 7660 square foot Class “A” condominium located in the Clarendon section of Northern Virginia for $3.65 million. Todd McManus and Scott Rabin of Edge represented the seller, Fillmore Partnership, RLLP and Scott Mendelson and Marc Balamaci of Edge represented the buyer, iTech AG, LLC in this transaction. Approximately 13 years ago, McManus also represented the former owner of the project which was occupied by lobbying firm PACE LLP.
iTech AG intends to relocate its corporate offices to the site from the Arlington area before the end of the year. The company supports both the federal government and commercial markets with information technology consulting services including cybersecurity, cloud solutions and infrastructure and networking engineering. Representative clients include the Internal Revenue Service, United States Census Bureau and Office of the Secretary of Defense.
“For companies that have an excellent grasp of their long-term size, and are looking to build equity rather than paying monthly rent, condominiums are the perfect real estate solution,” explained Todd McManus, Vice President, Advisory Services for Edge. “The product type is most commonly acquired by professional services groups contained within high-density markets that are interested in remaining within close proximity to their current location. Healthcare, financial and legal professionals have historically comprised the majority of the buyers, but we are now experiencing a migration of firms such as iTech that recognize the many advantages. Condominiums perform especially well in tight office environments such as Northern Virginia.”
“Our company quickly outgrew its space within two years and we now have a clear vision and expectation of our employee size,” explained Walter Antezana, COO of iTech. “It was important for us to remain in the Arlington area to minimize disruption to our team, and we now believe we have a long-term answer to our real estate requirement in an expanded and highly convenient location.”
Edge is a commercial real estate firm providing a full complement of advisory, leasing, investment sales, management, construction, and engineering services to clients throughout the Washington, D.C., Maryland, Northern Virginia, and Pennsylvania marketplaces. Founded in 2007, the company currently leases and manages more than 8.5 million square feet of commercial office, flex/office, industrial/warehouse, retail and mixed-use space. Visit www.edgecre.com