British firm completes $270 million joint-venture acquisition of McLean building
London-based investment firm Tamares has completed the acquisition of 7950 Jones Branch Drive in McLean for $270 million.
The purchase is a joint venture with Ilmarinen Mutual Pension Insurance Company of Finland.
The previous owner was television station owner Tegna Inc. It has agreed to an 18-month lease for 20 percent of the office space in the building.
Tegna’s recent spinoff, Gannett Co. Inc., the publishing company parent of USA Today, has signed a 12-year lease with Tamares to remain in the building.
The nearly 800,000-square-foot building is situated on a 17-acre site. It features two glass office towers, landscaped terraces with cascading water features, a 10-room conference center, 300-seat auditorium, 300 seat cafeteria, executive dining rooms and a helipad.
The property also offers tenants a 20,000 square foot fitness center, a 1-mile jogging track, tennis courts and basketball courts.
Designed by architects Kohn Pedersen Fox Associates, the building’s construction was completed in 2001.
Tamares has invested in property in the Washington, D.C., area for 30 years. Its portfolio includes the 27-acre Plaza America complex in Reston.