TYSONS, VA–Westport Capital Partners is planning a major renovation for a Tysons building that an affiliate fund has acquired from a special servicer
The building, which is located at 2000 Corporate Ridge Rd., traded at a 70% discount to the price the building last sold for in 2006. The special servicer foreclosed on the property in 2015.
It used to be called Tysons Executive Plaza I, one of the submarket's older buildings developed in the early 1980s. In recent years the 10-story, 288,000-square foot property has seen its occupancy drop to below 5% after losing its anchor tenant LMI.
Wesport acquired it in what is clearly an opportunistic play; the building, while in need of renovation, will offer some of the last remaining office blocks of space in the submarket when it delivers.
“We believe this property, as a high quality, prominently located asset, and one of the few large blocks of office space in this sought-after area, is on track to flourish from the redevelopment and stable ownership that Westport will bring,” Westport Managing Principal Russel Bernard says in a prepared statement.
The company's leasing program is already underway, according to SVP Noam Sheps.
The repositioning is being designed by Wingate Hughes Architects and will include renovations of the lobby and 10-story atrium, new elevator cabs as well as a Tenant Amenity Center that will have multiple conference rooms, a fitness facility, and an on-site food service. Construction is expected to begin this summer and is slated to be completed by year-end.
Cambridge has been retained by Westport to handle asset management including property management, construction services, leasing consulting and oversight. Cambridge will also serve as construction/development manager for the project.
Leasing for the project will be handled by Josh Masi and Tom Walsh of Cushman & Wakefield.
Westport was unable to comment in time for publication.
TYSONS, VA–Westport Capital Partners is planning a major renovation for a Tysons building that an affiliate fund has acquired from a special servicer
The building, which is located at 2000 Corporate Ridge Rd., traded at a 70% discount to the price the building last sold for in 2006. The special servicer foreclosed on the property in 2015.
It used to be called Tysons Executive Plaza I, one of the submarket's older buildings developed in the early 1980s. In recent years the 10-story, 288,000-square foot property has seen its occupancy drop to below 5% after losing its anchor tenant LMI.
Wesport acquired it in what is clearly an opportunistic play; the building, while in need of renovation, will offer some of the last remaining office blocks of space in the submarket when it delivers.
“We believe this property, as a high quality, prominently located asset, and one of the few large blocks of office space in this sought-after area, is on track to flourish from the redevelopment and stable ownership that Westport will bring,” Westport Managing Principal Russel Bernard says in a prepared statement.
The company's leasing program is already underway, according to SVP Noam Sheps.
The repositioning is being designed by Wingate Hughes Architects and will include renovations of the lobby and 10-story atrium, new elevator cabs as well as a Tenant Amenity Center that will have multiple conference rooms, a fitness facility, and an on-site food service. Construction is expected to begin this summer and is slated to be completed by year-end.
Cambridge has been retained by Westport to handle asset management including property management, construction services, leasing consulting and oversight. Cambridge will also serve as construction/development manager for the project.
Leasing for the project will be handled by Josh Masi and Tom Walsh of Cushman & Wakefield.
Westport was unable to comment in time for publication.
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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.
