Savills Studley, the leading global commercial real estate firm, is pleased to announce that its long-time client, the Institute for Defense Analyses (IDA), recently acquired a 370,000 square foot site for future development located at 701 East Glebe Rd in Alexandria, VA. The site is one block from the future Potomac Yard Metro Station.
“IDA is very excited to have acquired land in the up-and-coming mixed-use Potomac Yard area,” said IDA’s Treasurer and Director of Finance Dean Graves. “The purchase will allow us to remain in the City of Alexandria, where we have been since 1981.”
The approximately two acre site was purchased from a joint venture of The JBG Companies and MRP Realty, who are developing a large section of Potomac Yard.
Savills Studley’s Executive Vice President David Lipson, Executive Vice President Art Greenberg and Managing Director Bie Chu Lee, represented IDA throughout the transaction. The land is located along the flight path of National Airport and thus required FAA approval for the planned building.
“This was an excellent opportunity for IDA to acquire land for future development,” said Greenberg. “The organization will be located in a burgeoning mixed-use community in close proximity to its customers.”