AFL-CIO BIT to Sell Five-Building Portfolio in Tysons Corner
- Oct 22, 2013
In August 2011, the AFL-CIO Building Investment Trust added a five-building portfolio in Tysons Corner to its Washington, D.C.-area properties. Now, the trust is looking for buyers for the portfolio.
The trust paid $138.5 million for the properties. Transwestern’s Washington, D.C.-based Institutional Commercial Group brokered the portfolio’s sale in 2011 on behalf of TDC LLC, and has again been hired to market the five properties.
The portfolio is called the Tysons East Metro Portfolio. It consists of five contiguous commercial buildings located on more than 17 acres of land, at 1755, 1761, 1764, 1764-A and 1768 Old Meadow Road in Tysons Corner. The properties, two office buildings and three data centers, total 310,772 square feet and, according to a press release by Transwestern, are currently 98 percent leased to six major corporate users with an average remaining lease term of more than eight years. The property is being offered free of debt and its net operating income exceeds $10 million.
The site can also be redeveloped into more than 1.75 million square feet of residential space. It is within walking distance of the Tysons East Metrorail station and other amenities, like Tysons I and Tysons II Galleria, Sport & Health, The Capital Grille, Palm Restaurant and multiple parks.
Transwestern’s Institutional Commercial Group is led by Executive Managing Director Gerry Trainor. It also includes Jim Cardellicchio, Mark Glagola, Bob Filley, Dan Speilman, Wesley Machowsky and Clifton McCrory. Since 2011, the group has brokered transactions with a total value of over $2 billion. Recently, Transwestern started work together with TIAA-CREF on a 30-story Class double-A office tower in Houston.
Photo credits: Google Maps.