The Air & Space Forces Association (AFA) has successfully sold its longstanding national headquarters in Arlington, Virginia, as it embarks on a journey to secure a more modern office space.
Taicoon Property Partners, based in Arlington, has acquired the iconic 1501 Langston Blvd. building that had served as the AFA’s home since 1984. The transaction concluded at a price of $16.25 million, amounting to approximately $190 per square foot.
As part of the agreement, the AFA will lease back the 28,715 square feet it currently occupies until November 2024 while actively exploring new premises.
AFA President and CEO, Lt. Gen. Bruce Wright, USAF (Ret.), expressed the necessity of adapting to the evolving needs of the organization, stating, “The AFA of today, and especially tomorrow, requires a more modern and flexible facility to enhance our operational capabilities and unlock new avenues for future growth.”
Established in 1946, the Air & Space Forces Association is an independent nonprofit 501(c)3 association dedicated to advocating for investment and support for the U.S. Air Force and U.S. Space Force. Boasting over 113,000 members and 200 chapters worldwide, it continues to fulfill its mission on a global scale.
Spanning 85,422 square feet, the Langston Boulevard property had been on the market for 17 months before the AFA’s Board of Directors approved the sale in April. The building is conveniently situated approximately half a mile north of the Rosslyn Metro station, adjacent to the Francis Scott Key Memorial Bridge connecting the Rosslyn neighborhood to Georgetown in Washington, D.C.
Taicoon Property Partners, the new owner, intends to repurpose the property into residential condominiums or apartments. At the time of the sale, the building boasted a 79% occupancy rate, accommodating ten tenants, according to a statement released by the involved brokers.
