TIAA's acquisition includes only the first phase and part of the second phase of the three-tiered retail and residential project. Stage one consists of 240,000 sf of retail space topped by residential units. Among the existing tenants are Crate & Barrel, the Container Store, and Pottery Barn. Others occupying space on the property include a Whole Foods Market and the Arlington Education Center. Phase two, which will offer an additional 50,000 sf to be anchored by outdoor sports gear retailer Orvis, will not officially be acquired until its has reached full completion. Phase three is to carry the name The Market Place. Upon its scheduled completion this fall, it will offer space for retail tenants including the Cheesecake Factory and Domicile Furniture.

Upon its presentation to local building authorities, the Market Commons project garnered the interest and approval of local government offices and citizens alike--in particular for its ability to draw in retail, thereby boosting the area economy. "The staff agrees that residents should be allowed to have private space and amenities, however, high-traffic and pedestrian areas should have active spaces, especially in an urban setting," Arlington County Board officials said of the endeavor. "With the approval of the Market Commons project in Clarendon that will have approximately 210,000 sf of retail, staff believes that the project will draw greater retail to the area." The Market Commons' new owner plans to keep McCaffrey as property manager and leasing agent.