Transwestern Tapped to Sell NoVa Office Asset
- Jan 30, 2017
Tysons, Va.—Transwestern announced it has been retained by PERSEUS Realty to sell 1577 Spring Hill Road, an office asset located directly across from the Spring Hill Metro Station in Tysons. Transwestern’s Mid-Atlantic Capital Markets Group is handling the listing.
The fully occupied, 117,043-square-foot, Class A building sits on a 3.52-acre site that is prime for redevelopment, with the potential to build over 1.2 million square feet. The property is currently anchored by The Ratner Cos., which occupies 36 percent of the property through 2023.
Tysons is located at the junction of the Capital Beltway, Dulles Toll Road and Interstate 66, also offering easy access to Washington, D.C., via the Metro’s Silver Line extension, which opened in 2014.
“1577 Spring Hill Road is a rare find because it is a stabilized asset located at the doorstep of a Metro station and will produce strong cash flow while an investor seeks to fully entitle the property to a higher and better use upon the anchor tenant’s lease expiration in seven years,” said Gerry Trainor, executive managing director of Transwestern’s Mid-Atlantic Capital Markets Group, in prepared remarks. “This is a covered land opportunity with the potential to yield over 1.2 million square feet of highly desirable transit-oriented development.”
Image courtesy of Transwestern