TYSONS, VA–Perseus Realty has put a 117,043-square-foot office building located at 1577 Spring Hill Rd. on the market. The office is fully occupied with The Ratner Cos. leasing 36% through 2023. It also sits on a 3.52-acre site that has a redevelopment potential of 1.2-million square feet. Other than that, the average tenant size is around 3,779 square feet.
Its best attribute, perhaps, to potential buyers is that it is directly across from the Spring Hill Metro Station, says Gerry Trainor, executive management director of Transwestern's Mid-Atlantic Capital Markets Group, which is handling the listing.
“1577 Spring Hill Road is a rare find because it is a stabilized asset located at the doorstep of a Metro station and will produce strong cash flow,” he says in a prepared statement. The new owner can work to fully entitle the property in anticipation of Ratner's lease expiration, he continued. “This is a covered land opportunity with the potential to yield over 1.2 million square feet of highly desirable transit-oriented development.”
TYSONS, VA–Perseus Realty has put a 117,043-square-foot office building located at 1577 Spring Hill Rd. on the market. The office is fully occupied with The Ratner Cos. leasing 36% through 2023. It also sits on a 3.52-acre site that has a redevelopment potential of 1.2-million square feet. Other than that, the average tenant size is around 3,779 square feet.
Its best attribute, perhaps, to potential buyers is that it is directly across from the Spring Hill Metro Station, says Gerry Trainor, executive management director of Transwestern's Mid-Atlantic Capital Markets Group, which is handling the listing.
“1577 Spring Hill Road is a rare find because it is a stabilized asset located at the doorstep of a Metro station and will produce strong cash flow,” he says in a prepared statement. The new owner can work to fully entitle the property in anticipation of Ratner's lease expiration, he continued. “This is a covered land opportunity with the potential to yield over 1.2 million square feet of highly desirable transit-oriented development.”
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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.
