DC-Area Office Asset Trades for $79M

Atlantic Realty and Angelo, Gordon & Co. plan to complete a $6 million renovation program at the newly purchased complex.

By Bogdan Odagescu, Associate Editor

Tysons Concourse, Vienna, Va,
Tysons Concourse, Vienna, Va,

Washington—A joint venture between Atlantic Realty Cos. and Angelo, Gordon & Co. recently bought Tysons Concourse in Vienna, Va., a two-building Class A office complex, Virginia Business reports.

The property was sold by California State Teachers’ Retirement System for $78.8 million. Eastdil Secured represented the seller. According to Yardi Matrix data, Atlantic Realty Cos. drew an undisclosed amount from a $66.6 million line of credit held by CIBC. The property last traded in June 2000, for $75.5 million.

Located at 1593-1595 Spring Hill Road, the 347,332-square-foot asset was completed in 1987 and offers 26,084-square-foot floor plates. The Fairfax County property is located just one block away from the Spring Hill station on Metrorail’s Silver Line, which opened in mid-2014.

The seven-story suburban office buildings feature a 125-seat conference facility, 1,231 parking spots, on-site fitness center and café, as well as tennis and basketball courts.

Last year in March, Atlantic Realty and Angelo, Gordon & Co. partnered on the $82 million buy of a four-building, 500,000-square-foot Reston portfolio. “With the Silver Line Metrorail extension to Reston–the Wiehle-Reston East station now open and the Reston Town Center station scheduled to open in 2018–Reston has become an even more desirable business location,” a spokesperson for Atlantic Realty told Commercial Property Executive at the time. Less than two years later, the partnership applies a similar strategy, but 10 miles closer to D.C.

Taking advantage of the Silver Line corridor expansion, the joint venture is planning a $6 million renovation program, which will include upgrades of the lobby and amenities areas. The two buildings had a combined occupancy rate of 76 percent at the time of sale, the current tenant roster including Frontpoint Security, Konica Minolta and MassMutual.

Image courtesy of Yardi Matrix