A Los Angeles investment firm just closed its third discounted office purchase in the Washington, D.C. area since December, and the price tags tell a consistent story about how much value has come out of the region’s office market.
Tavaco Properties paid $28.5 million for a 272,300-square-foot, 14-story building at 3110 Fairview Park Drive in Falls Church, Virginia, according to Commercial Observer, which cited an earlier report from the Washington Business Journal. The seller, Hawaii-based James Campbell Company, had paid $43.7 million for the same property in 2016, meaning it sold for roughly 35% less than its purchase price from a decade earlier, before accounting for inflation.
That pattern isn’t new for Tavaco. In March, an affiliate of the firm paid $8.2 million for the 100,900-square-foot Twinbrook Plaza in Rockville, Maryland, about half of the $15.5 million an MRP Realty affiliate paid for the same building in 2016. In late 2025, Tavaco bought the eight-story, 275,480-square-foot Ballston Station in Arlington for $28 million; the Ohio public teachers’ pension fund had paid $58.2 million for that property roughly 30 years earlier. Altogether, the three deals put nearly $65 million of Tavaco’s capital into Greater Washington office space in under a year…