TYSONS, VA–A source tells us that Rockpoint Group is buying Tysons Dulles Plaza at 1410 Spring Hill Rd., from KBS REIT I for $130 million, or $267 per square foot.
Rockpoint declined to comment to GlobeSt.com for this story.
The last time this 487,775-square foot, three-building complex traded was in 2008 when Vornado Realty Trust sold it for $152.8 million.
Office buildings in the Tysons area that are not trophy class are going to find rental rates to be very competitive as existing vacant buildings are renovated and reintroduced into the market. In the last week two building owners have announced such plans.
Philadelphia-based Rubenstein Partners is in the process of renovating Centerstone at Tysons, a six-story office it owns with Griffith Properties, which is located at 1550 Westbranch Dr. The companies purchased the property in an off-market transaction in July 2015. At the time of the sale, the property was fully leased to The MITRE Corp., which was expected to relocate. Now MITRE has vacated the property and the renovation is underway.
And Westport Capital Partners is planning a major renovation at 2000 Corporate Ridge Rd., a building that an affiliate fund just acquired out of special serving.
TYSONS, VA–A source tells us that Rockpoint Group is buying Tysons Dulles Plaza at 1410 Spring Hill Rd., from KBS REIT I for $130 million, or $267 per square foot.
Rockpoint declined to comment to GlobeSt.com for this story.
The last time this 487,775-square foot, three-building complex traded was in 2008 when
Office buildings in the Tysons area that are not trophy class are going to find rental rates to be very competitive as existing vacant buildings are renovated and reintroduced into the market. In the last week two building owners have announced such plans.
Philadelphia-based Rubenstein Partners is in the process of renovating Centerstone at Tysons, a six-story office it owns with Griffith Properties, which is located at 1550 Westbranch Dr. The companies purchased the property in an off-market transaction in July 2015. At the time of the sale, the property was fully leased to The MITRE Corp., which was expected to relocate. Now MITRE has vacated the property and the renovation is underway.
And Westport Capital Partners is planning a major renovation at 2000 Corporate Ridge Rd., a building that an affiliate fund just acquired out of special serving.
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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.
