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Atlantic Realty Doubles Down On Silver Line With $79M Purchase

TYSONS, VA-The company has partnered with Angelo, Gordon to acquire Tysons Concourse from CalSTRS.

By Erika Morphy | Updated on October 31, 2016
Tysons Concourse 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.

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