TYSONS, VA–With much fanfare Fairfax County and the Commonwealth of Virginia announced it had retained MicroStrategy's headquarters after competing for it with Washington, DC. The renown enterprise software company has renewed its lease at 1850 Towers Crescent Plaza and plans to invest $6 million in capital improvements and hire an additional 300 employees.

The Fairfax County Economic Development Authority worked with the Virginia Economic Development Partnership to secure the project for Virginia. Governor Northam approved a $1 million grant from the Commonwealth's Opportunity Fund to assist the county with the project. Funding and services to support the company's employee training activities will be provided through the Virginia Jobs Investment Program.

One reason the state and county likely competed so heavily to retain MicroStrategy is the area's tech creds — losing a company like MicroStrategy could have delivered a serious blow to that reputation. More than half of all Virginians are employed in the tech sector, according to Secretary of Commerce and Trade Esther Lee. “This important win is a testament to the Commonwealth's ability to compete for major projects and retain cutting-edge companies,” she said in a prepared statement.

Junius Tillery, Andrew Roberts and Ed Clark of Newmark Knight Frank represented MicroStrategy in its new lease.