Tysons’ 2000 Corporate Ridge Fetches $39M Financing
- Jun 16, 2017
PCCP secured a $39.4 million loan for the acquisition and refurbishment of 2000 Corporate Ridge—formerly known as Tysons Executive Plaza I— in Tysons, Va. The company worked on behalf of the borrower, Westport Capital Partners.
Located at 2000 Corporate Ridge Road, the 10-story, 261,910-square-foot property constructed in 1985, incorporates a four-story garage totaling 915 spaces. The LEED-certified property is within one mile of two Metro stations that offer direct proximity to Tysons Corner Center and Tysons Galleria, a 3.5 million-square-foot upscale retail center. Due to its strategic position and high visibility, 2000 Corporate Ridge has historically been well occupied.
Budgeting for Capital Improvements
Westport has pumped $8.8 million in capital improvements, enabling the ownership to re-introduce the property on the market and procure tenants looking for state-of-the-art recently renovated space. The repositioning will include the modernization of the 1980s-era lobby, the 10-story atrium, elevators, and bathrooms. Westport also intends to add new amenities such as a fitness center and a state-of-the-art Tenant Amenity Center, which will incorporate multiple conference rooms, in addition to building spec suites that would spur leasing momentum. After the refurbishment will be completed, 2000 Corporate Ridge will become the premier headquarters opportunity for tenants looking to relocate in the Tysons submarket.
Leasing for the project will be handled by Josh Masi and Tom Walsh of Cushman & Wakefield.
Images courtesy of Yardi Matrix