Two-Building Office Property Sells for $61M

MCLEAN, VA-American Center, a 330,000-sf dual-structure complex in the heart of the bustling Tysons Corner submarket, has found a buyer for $60.5 million, or $184 per-sf. Equity Office is now the new owner of the property, having taken it off the hands of an entity advised by Morgan Stanley. It was in 1998 when the complex last hit the market, at which point it commanded $57 million. Cassidy & Pinkard represented the seller; Equity Office was its own representative.

Consisting of two eight-story towers on a five-acre site, American Center was developed almost 20 years ago at the crossroads of Rte. 7 and Rte.123–the main intersection in Tysons Corner. The class A property offers 300,000 sf of office space, as well as 16,000 sf for restaurant and deli space, a 2,000-sf fitness facility and 2,000 sf of storage space. The buildings are linked by plazas on two floors, as well as by the underground parking facility, which can accommodate nearly 1,000 vehicles. Tenants at the property, which is 68% occupied, include Charles Schwab, the Fairfax County Economic Development Authority and Metropolitan Life Insurance Co.