Rubenstein Partners, Griffith Properties Sell Tysons Office Asset
Prior to the disposition, the joint-venture partners completed a capital improvement plan and brought the building to 100% occupancy.
TYSONS CORNER, VA – Rubenstein Partners LP and Griffith Properties have completed the joint-venture disposition of Centerstone at Tysons in Virginia.
Centerstone at Tysons is a six-story office building located at 1550 Westbranch Drive in the Tysons Corner submarket.
The disposition follows the partners’ previous announcement that the property was brought to full-occupancy through a single lease, encompassing 150,000 square feet of the property.
The building is situated near two metro stations, Dulles Toll Road and the new Jones Branch Drive interchange. The property is also located near a wide range of retail, restaurant and entertainment offerings.
Rubenstein and Griffith additionally completed a capital improvement program for the property, prior to the sale, implementing marketable improvements through its repositioning strategy. The partners transformed the property into an enhanced by incorporating a full lobby renovation, an enhanced amenity package, an onsite conference center, a state-of-the-art fitness center, a Smart Café, onsite structured parking, car-changing stations and a bike storage facility.
Rubenstein Partners LP, founded in 2005, is a vertically-integrated, private real estate investment management and advisory firm, which specializes in value-add office property opportunities throughout the US.
Griffith Properties is a real estate investment firm, which has invested more than $261 million of equity in life science, office and industrial assets. Through three separate funds, the firm as acquired $628 million in assets totaling 3.8 million square feet.