Tysons Concourse
TYSONS, VA-Atlantic Realty Cos. and Angelo, Gordon & Co. have acquired Tysons Concourse from California State Teachers' Retirement System for $78.8 million. Tysons Concourse consists of two Class A office buildings just one block from the recently-opened Spring Hill station on the Silver Line. They total 347,684 square feet and are 76% leased to such tenants as Frontpoint Security, Konica Minolta, and MassMutual.CalSTRS was represented by Eastdil Secured in the transaction.
This transaction follows the two companies' acquisition last year of four office buildings totaling nearly 500,000 square feet in Reston, also located along the Silver Line, albeit on the Wiehle Avenue station.The companies paid $82 million, or about $164 per square foot, for that portfolio from an affiliate of Garrison Investment Group. The buildings were, at the time of the sale, about 50% leased.
Atlantic Realty appears to be doubling down on investments located along the Silver Line, selling off non-core assets to fund these transactions. For instance, a few months ago it sold Sterling Plaza II, a 22,280-square-foot grocery shadow-anchored shopping center in Sterling, VA.
“Along with our partners at Angelo, Gordon, we are very bullish on the future of this gateway to northern Virginia on Metrorail's Silver Line,” Atlantic Realty president David Ross said of the Tysons Concourse deal in a prepared statement.
The Atlantic/Angelo, Gordon partnership is planning a $6 million renovation of the Tysons Concourse, which delivered in 1987.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
