Tysons Corner Spec Asset Begins Construction

TYSONS CORNER, VA—Construction for an 11-story, 312,897-sf building has begun in Tysons Corner. Located at 7930 Jones Branch Dr. the building is one of the few here going up as spec development, according to Brian McVay, a broker with Cushman & Wakefield.

The developer, B.F. Saul Co., has owned the land for years, McVay, who is handling the leasing activity along with Moe Hamilton and Craig Bernstein, tells GlobeSt.com, “It decided that now was a good time to develop.” Availability of class A space is tight, he says. “And rents have been dramatically increasing for the last 12 months.” Rents now average $43 per sf. McVay declined to say what the development costs for B.F Saul would be.

It is unusual for a market of Tysons Corner size – some 25 million sf – to have such little spec development, McVay says. One factor is that available land is controlled by a handful of developers, many of which are waiting for the Tysons Corner Metro to expand.