Board of Equalization affirms $50.50M assessment for 1500 Wilson Blvd after dispute over concessions and vacancy

The Arlington County Board of Equalization voted to confirm the county’s 2026 assessment of $50,504,100 for 1500 Wilson Boulevard following competing testimony about vacancy, concessions and cap rates.

Appellant Chris Harmon argued the 257,000-square-foot office building (built 1971) was overvalued because it was 35% vacant at the data date, required material tenant improvements to convert shell space, and that a nearby October 2025 arm’s-length sale at 1530 Wilson Blvd. for about $160 per square foot showed the market supported a lower per-square-foot valuation. Harmon said the new leases that began in late 2025 and Jan. 1, 2026, required roughly $2 million in free-rent concessions and substantial tenant-improvement allowances, and he proposed a claimed value of about $151 per square foot.

County representative Mr. Peralta told the Board staff reconstructed the 2025 INEs (income-and-expense reports), applied a 9% free-rent concession figure based on what was reported, and observed that owners did not provide full rent-roll detail for all years. Peralta said the department’s vacancy and expense reconstructions supported the original assessment and that projected income and expenses offset each other under the county methodology. “We ask that the board confirm the original assessment of $50,504,100,” Peralta said.

Board members debated whether the adjacent October 2025 sale was a fully comparable transaction, noting differences in age and retail composition. After discussion, Mr. Panaranda moved to confirm the county assessment; the motion was seconded by Mr. Yates and carried 4–1, with Mr. Pace recorded separately. The chair announced the assessment was confirmed at $50,504,100.

The board did not direct additional study at the hearing. The case record includes competing documentary submissions and cited INE reporting gaps noted by County staff.