TYSONS CORNER, VA-MRP Realty will continue to build out its substantial northern Virginia pipeline. Next up for the prolific firm is a 500,000-sf office tower in Tyson's Corner with estimated development costs of $250 million, principal Bob Murphy tells GlobeSt.com.
The firm has already acquired the eight acres of land for roughly $50 million. It plans to break ground on the building in Q3 with an expected delivery date of 2010. For the moment, Murphy says, the development is being called Tyson's Tower. “We are developing it to be a trophy asset, with an all curtain wall and designed to gold LEED standards,” he says. Once the building is complete the company will apply for certification.
The acreage, which sits on Jones Branch Road, is also land on which the county would like to develop an HOV lane, Murphy adds. “We are currently in negotiations for a dedication.” The end result, if the negotiations are fruitful, would be an ideally located building close to the soon-to-be-developed Tyson's Corner Metro station and easy access to the region's major highways.
Even without nearby HOV access, the building is sure to be in high demand in this submarket. Construction has been constrained–partly due to the fact that much of the available land is controlled by a handful of developers, many of which are waiting for the Tyson's Corner Metro to expand–even while demand for space has skyrocketed. “A lot of the product there was originally built for government contractors,” Murphy says. “Now the area mainly draws service providers and consulting firms–the type of tenants that are looking for higher quality buildings. There is a reason why Lerner has done so well there.”
Murphy is referring to Lerner Enterprises, a Bethesda, MD-based firm, which is developing on a spec basis an 18-story 472,000-sf office tower at 1775 Tyson's Blvd. in the Corporate Office Centre at Tyson's II. Another building under development here is the 11-story, 312,897-sf building at 7930 Jones Branch Dr. by B.F. Saul Co.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
