Former Freddie Mac Building Snapped Up

TYSONS CORNER, VA-Ownership of the office building at 8609 Westwood Center Dr. has changed hands. An affiliate of the New York-based Starwood Capital Group Global Opportunity Fund VI funds has closed the books on the acquisition of the162,000-sf structure from Westwood Five Associates. The vacant building had been occupied by mortgage banking concern Freddie Mac. Financial terms of the transaction have yet to be revealed in public record at Fairfax County’s Department of Tax Administration, but the department lists the property’s 2003 assessed value at approximately $14.5 million.

Nearly two decades old, the eight-story office facility sits off Route 7 within close proximity to major thoroughfares including the Dulles Toll Road, I-496 and Route 66. In addition to its class A office space, the building features a parking garage that can accommodate more than 500 vehicles. Also, the property has undergone consistent renovations over its period of existence. Pointing to a signs of recovery in the Tysons Corner market, Starwood Capital expresses confidence in its ability to lease up the property. “Post stabilization, this is exactly the kind of property which will attract institutional investors seeking quality Northern Virginia real estate with a strong income stream in place,” Starwood’s Merrick Kleeman adds.