U.S. Bank Sells NoVa Office Property

The bank sold the approximately 67,000-square-foot Class B building for $10 million, having taken control of the asset through a foreclosure in mid-2017.
Tysons Pond II

A private investor has paid $10 million for Tysons Pond II, a 67,151-square-foot office asset in Northern Virginia. The seller, U.S. Bank, had acquired the property through a foreclosure action in August 2017, when the previous owner had defaulted on a $13.5 million CMBS loan, according to Yardi Matrix.

Located at 1604 Spring Hill Road, the four-story building is a short distance from the intersection of the Dulles Toll Road and the Leesburg Pike, 15 miles from central Washington, D.C. Nearly 6.5 million square foot of Class A and B office space within a mile of the asset, with a 450,000-square-foot trophy high-rise development underway just southeast of the property.

“This asset is two blocks from the Spring Hill Metrorail station, providing exceptional access to public transportation and is proximate to new world-class developments that are transforming Tysons into a city center,” said Transwestern’s Executive Vice President Gerry Trainor, who represented the seller, in a prepared statement.

The office building, constructed in 1989, is 70 percent leased and home to tenants including IT Concepts, Topmax Realty School and VITAS Healthcare. Avison Young is overseeing both property management and leasing operations for the asset, per Yardi Matrix.

Image courtesy of Transwestern